Italy-headquartered insurer Generali has completed the acquisition of Liberty Seguros, Compañia de Seguros y Reaseguros, S.A., from Liberty Mutual Insurance
The transaction was originally announced on June 15, 2023, and it represents Generali’s largest transaction in ten years.
It was reported that Liberty Mutual would sell its personal lines and small commercial insurance business to the Italian insurer for USD 2.5 billion (EUR 2.3 billion).
Liberty Seguros has its headquarters in Madrid and operates in Spain, Portugal, Ireland and Northern Ireland, which are included in the deal.
Liberty Mutual’s other European businesses – Liberty Mutual Reinsurance, Liberty Specialty Markets, Liberty Mutual Surety, Liberty IT, and Hughes Insurance – are not included in the deal and will continue to operate in their respective markets, notes the firm.
According to the announcement, the transaction is fully in line with Generali’s growth plan and will allow the Group to improve its profit profile, and strengthen its Non-Life business as well as its leadership in Europe.
Following the closing of the transaction, the new Board of Directors of Liberty Seguros has appointed Carlos Escudero as new CEO and Pedro Carvalho as Branch Manager of the Liberty Seguros Portugal branch.
Jaime Anchústegui Melgarejo, CEO International of Generali, commented: “The completion of the acquisition of Liberty Seguros marks the beginning of a new chapter for the Group, consolidating our leadership position in Spain and Portugal, two strategic markets for us, and entering the Irish market with a market share that sees us among the top ten operators in the P&C sector.
“The integration Liberty Seguros and Generali will allow us to continue to grow in a sustainable way, strengthen our distribution capabilities through brokers and agents, bancassurance and through the direct channel, as well as improving our offering to customers thanks to a wider range of products.”
