Reinsurance News

Liberty Mutual Insurance looks to acquire AmGeneral Insurance

20th July 2021 - Author: Katie Baker

U.S primary insurer Liberty Mutual Insurance has applied for regulatory approval to acquire Malaysian insurer, AmGeneral Insurance Berhad (AmGeneral).

liberty-mutual-insurance-logoAmBank Group currently owns 51% of AmGeneral, with the other 49% owned by Insurance Australia Group (IAG).

Liberty Insurance Berhad expects to acquire 100% shares of AmGeneral, and AmBank Group’s share of the sale proceeds will be in the form of cash and consideration shares.

This will result in AmBank Group holding a 30% interest in the Liberty Insurance Berhad and AmGeneral businesses.

The AmGeneral and Liberty Insurance Berhad operations will be formally merged. Following the merger, it is expected that the combined entity will become the largest auto insurer and second-largest property and casualty insurer in Malaysia based off of 2020 data.

As part of the transaction, the prospective merged entity will enter into an exclusive 20-year bancassurance partnership with AmBank Group to distribute general insurance products.

Liberty Mutual President, Global Retail Markets, Jim MacPhee commented: “Expanding and investing in international insurance markets is instrumental in our aspiration to become a leading global property and casualty insurance company.

“Liberty Mutual’s mission to help people embrace today and confidently pursue tomorrow is well aligned with AmBank’s mission to help individuals and businesses in Malaysia grow and win together.

“Combining Liberty’s global capabilities with AmGeneral’s leading market share in auto and a growing business in additional product lines will create a best-in-class insurance operation.”

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Peter Mills’ Pyrrhic Re to close after failing to raise required funds

Pyrrhic Re has withdrawn plans to launch a specialist reinsurance-only business and ceased its capital raising activities after 'failing to align...