Liberty Mutual Insurance has agreed to sell its Madrid headquartered personal lines and small commercial insurance business, Liberty Seguros, S.A., to Generali Group for USD 2.5 billion (EUR 2.3 billion), subject to customary closing adjustments.
The deal includes Liberty Seguros operations in Ireland, Northern Ireland, Portugal, and Spain.
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.
Outside of the U.S., Liberty Seguros is Liberty Mutual’s largest operation with 2022 premiums of EUR 1.2 billion. The business has almost 1,700 employees with offices throughout the Western European market.
Liberty Mutual President and Chief Executive Officer (CEO), Tim Sweeney, commented: “Our dedicated Liberty Seguros employees have done a tremendous job serving our customers, brokers, agents, partners and communities — building a highly respected and profitable business. They will be a strong addition to Generali, a leading global insurer with a strategic and adept business model.
“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.”
BofA Securities acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP provided legal advice to Liberty Mutual Insurance in the transaction.
