Liberty Seguros, S.A. manages the personal insurance and small commercial lines businesses of Liberty Mutual in Spain, Portugal, Ireland and Northern Ireland.
BOSTON, June 15, 2023/PRNewswire/ -- Liberty Mutual Holding Company Inc. ("Liberty Mutual") and Generali Group ("Generali) today announced that they have entered into a definitive agreement for Generali to acquire Liberty Seguros, S.A. , which manages the personal insurance business of Liberty Mutual in Western Europe, based in Madrid.
The transaction includes the operations of Liberty Mutual Global Retail Markets in Ireland, Northern Ireland, Portugal and Spain. The rest of Liberty Mutual's operations in Europe (Liberty Specialty Markets, Liberty Mutual Reinsurance, Liberty Mutual Surety, Liberty IT and Hughes Insurance) are not included in the operation and will continue to operate in their respective markets.
The total amount of the transaction amounts to €2.300 million ($2.5 billion USD) and is subject to adjustments at the time of closing the transaction.
"Our Liberty Seguros employees have worked with great dedication to serve our clients, brokers, agents, partners and communities, building a highly profitable and reputable business. They will be a great addition to Generali, a leading global insurer with a model experienced and strategic businessperson," said Liberty Mutual Chairman and CEO Tim Sweeney. "This decision further helps Liberty Mutual to sharpen our operational focus to deliver exceptional value across all of our channels, products and markets. We are grateful to our employees for their many years of hard work and are confident they will have a successful future at Generali ".
Liberty Seguros is Liberty Mutual's largest operation outside of the US with premiums of €1.2 billion in 2022, nearly 1,700 employees and branches throughout the Western European market. With a leading direct business in Spain, 5,600 intermediaries in all countries and more than 20 partners, Liberty Seguros has a portfolio that offers modular and flexible insurance solutions for non-life and life risk products.
Generali is one of the world's largest insurance and asset management providers with a presence in more than 50 countries and total premium income of €81.5 billion by 2022. With 82,000 employees serving 68 million customers, Generali it has a leading position in Europe and a growing presence in Asia and Latin America.
BofA Securities acted as financial adviser and Skadden, Arps, Slate, Meagher
About Liberty Seguros
Liberty Seguros is the largest operation of Liberty Mutual Group outside the US, which includes businesses in Spain, Portugal, Ireland and Northern Ireland under the same legal structure. It carries out its activity in these four markets through different lines of business, mainly Auto, followed by Home, Life and Personal Lines, always seeking the best experience for its clients, mediators and employees.
It has an efficient and solid multi-channel business structure that operates through Brokers and Partners, as well as Direct (telephone and digital channels) distributing products from different brands: Liberty Seguros in Portugal and Spain, where the Genesis and Regal; and Liberty Insurance in Ireland. Liberty Seguros has been operating in Spain since 2001, in Portugal since 2003 and in Ireland since 2011.
With the aim of improving the experience of customers and mediators, the insurer has brought these businesses together, focusing its efforts on developing their digital capabilities and innovation in their products and services. All this focusing on people from an open and diverse perspective, marked by responsibility, constant improvement and simplicity. Pursuing the same global purpose: "We exist to help people enjoy the present and look to the future with confidence."
More information at www.libertycorporate.eu
About Liberty Mutual
At Liberty Mutual, we believe that progress happens when people feel safe. By providing protection from the unexpected and offering it with care, we help people embrace the present and confidently pursue the future.
Liberty Mutual, founded in 1912 and headquartered in Boston, is the sixth largest global property and casualty insurer by gross written premiums in 2021. We are ranked 86th on the Fortune 100 list of largest US companies by 2022 revenue As of December 31, 2022, our annual consolidated revenue was $50 billion.
We employ more than 50,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including auto, community, special lines, reinsurance, multi-peril, commercial, worker's compensation, commercial vehicles, civil liability, surety and commercial property.
For more information, visit www.libertymutualinsurance.com
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