US-based Liberty Mutual Insurance has announced the sale of its personal and small business operations in Western Europe, including Liberty Insurance in Ireland, to Generali Group. The Irish unit is being sold as part of a wider deal worth €2.3bn. This sale was anticipated since last year. Liberty Mutual entered the Irish market in 2011 through an acquisition and offers personal car and home insurance, as well as business products. The sale should not have any impact on individual policies or coverage.
The transaction, subject to regulatory clearance, will include Liberty Seguros’ operations in Ireland, Northern Ireland, Portugal, and Spain. Liberty Mutual’s other European operations are not part of this deal and will continue to operate independently.
Liberty Mutual President and CEO Tim Sweeney stated, “Our dedicated Liberty Seguros employees have built a highly respected and profitable business, and they will be a strong addition to Generali, a leading global insurer. This decision allows Liberty Mutual to focus on delivering exceptional value across our channels, products, and markets.”
Liberty Mutual has been working with Bank of America on the planned disposals as part of its strategy to divest non-core markets and strengthen its presence in the US. Generali is one of the largest insurers worldwide but has a lower profile in Ireland compared to competitors like Axa, Allianz, and Zurich.
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