In a move to sharpen its focus on its core markets, Liberty Mutual Insurance has announced the sale of its personal and small business operations in Western Europe to Generali Group for €2.3 billion.
The deal, which is subject to regulatory approval, includes Liberty Seguros’ operations in Ireland, Northern Ireland, Portugal, and Spain. Liberty Mutual’s other European operations are not included in the transaction and will continue to operate in their respective markets.
“This decision further helps Liberty Mutual sharpen our operational focus to deliver exceptional value across our channels, products, and markets,” said Liberty Mutual President and CEO Tim Sweeney. “We’re grateful to our employees for their many years of hard work and are confident in their future success with Generali.”
Generali is a leading global insurer with operations in over 60 countries. The acquisition of Liberty Seguros’ Western European operations will strengthen Generali’s position in the region and create a new insurance powerhouse.
The sale is expected to close in the second half of 2023.
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