Liberty Mutual Insurance, a global provider of various insurance products and services, has confirmed a definitive agreement to sell its Madrid-headquartered personal lines and small commercial insurance business, Liberty Seguros, S.A., to Generali Group.
The $2.5bn (€2.3bn) deal also encompasses Liberty Seguros’ operations in Ireland, Northern Ireland, Portugal, and Spain, but does not include Liberty Mutual’s other European enterprises such as Liberty Specialty Markets, Liberty Mutual Reinsurance, Liberty Mutual Surety, Liberty IT, and Hughes Insurance.
Liberty Seguros is recognised for its extensive coverage across Western Europe, boasting approximately 1,700 employees, a premium total of €1.2bn in 2022, and a wide network of branches, intermediaries, and partners. Known for its leading direct business in Spain, the company provides a range of non-life and life risk insurance solutions through a flexible, modular portfolio.
The acquiring party, Generali Group, is a major player in the global insurance and asset management space, with a footprint in over 50 countries. The firm recorded a total premium income of €81.5bn in 2022, thanks to its robust workforce of 82,000 employees catering to the needs of 68 million customers worldwide.
Through this acquisition, Generali aims to bolster its strong standing in Europe while expanding its reach in the Asian and Latin American markets. For Liberty Mutual, the decision aligns with its strategic objectives to deliver exceptional value across channels, products, and markets.
Liberty Mutual CEO Tim Sweeney expressed gratitude for the dedicated efforts of Liberty Seguros employees. He said, “This decision further helps Liberty Mutual sharpen our operational focus to deliver exceptional value across our channels, products, and markets. We’re grateful to our employees for their many years of hard work and are confident in their future success with Generali.”
It’s important to note that the transaction remains subject to customary closing adjustments and the terms do not affect Liberty Mutual’s remaining European operations.
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