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Deal contains Liberty Seguros Companies in Eire, Northern Eire, Portugal and Spain
Liberty Mutual Insurance coverage and Generali Group introduced immediately that they’ve signed a definitive settlement for Generali to amass Liberty Seguros, S.A. — Liberty Mutual’s private traces and small industrial insurance coverage enterprise headquartered in Madrid.
The transaction contains Liberty Seguros operations in Eire, Northern Eire, Portugal and Spain. Liberty Mutual’s different European operations (Liberty Specialty Markets, Liberty Mutual Reinsurance, Liberty Mutual Surety, Liberty IT and Hughes Insurance coverage) usually are not included on this transaction and can proceed to function of their respective markets.
The whole worth for the transaction is € 2.3 billion ($2.5 billion USD), topic to customary closing changes.
“Our devoted Liberty Seguros staff have carried out an incredible job serving our clients, brokers, brokers, companions and communities — constructing a extremely revered and worthwhile enterprise. They are going to be a robust addition to Generali, a number one world insurer with a strategic and adept enterprise mannequin,” stated Liberty Mutual President and Chief Govt Officer Tim Sweeney. “This choice additional helps Liberty Mutual sharpen our operational focus to ship distinctive worth throughout our channels, merchandise and markets. We’re grateful to our staff for his or her a few years of arduous work and are assured of their future success with Generali.”
Liberty Seguros has almost 1,700 staff and branches all through the Western European market with premiums of € 1.2 billion in 2022. With a number one direct enterprise in Spain, 5,600 intermediaries throughout the international locations, and over 20 companions, Liberty Seguros has a portfolio providing modular, versatile insurance coverage options for non-life and life threat merchandise.
Generali is without doubt one of the largest world insurance coverage and asset administration suppliers with a presence in over 50 international locations and a complete premium revenue of € 81.5 billion in 2022. With 82,000 staff serving 68 million clients, Generali has a number one place in Europe and a rising presence in Asia and Latin America.
BofA Securities acted as monetary advisor and Skadden, Arps, Slate, Meagher & Flom LLP offered authorized recommendation to Liberty Mutual within the transaction.
Supply: Liberty Mutual
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