Liberty Mutual Insurance has completed its acquisition of Malaysian insurer AmGeneral, following regulatory approval and signing a purchase and sale agreement with AmBank.
The merged entity will enter into an exclusive 20-year partnership with AmBank to distribute general insurance products. Subsequently, AmGeneral and Liberty Insurance Berhad operations will merge, and is expected to become the largest auto insurer in Malaysia.
Liberty Mutual President, Global Retail Markets, Jim MacPhee, said: “The acquisition of and subsequent merger with AmGeneral is instrumental in our aspiration to become a leading global property and casualty insurance company.”
“Together, we will help people embrace today and confidently pursue tomorrow so that individuals and businesses in Malaysia grow and win together. Combining Liberty’s global capabilities with the strong team driving a well-respected and valued AmGeneral franchise will create a best-in-class insurance operation.”
AmGeneral was previously 51%-owned by AmBank and 49%-owned by Insurance Australia Group. Liberty Insurance Berhad acquired 100% of the shares of AmGeneral, and AmBank continues to hold a 30% interest in the business through the consideration shares they received as part of the deal.
