Chubb Limited has announced agreements to acquire Liberty Mutual’s property and casualty insurance businesses in Thailand and Vietnam. The financial terms of the transaction were not disclosed.
According to news releases, the acquisition includes LMG Insurance in Thailand and Liberty Insurance in Vietnam, both of which offer a range of consumer and commercial P&C products, including automotive, accident and health, and non-motor insurance such as fire/property and industrial all-risk. These businesses operate through a broad distribution network comprising 56 branches, 2,600 brokers and agents, and 26 finance partners. The combined operations generated approximately $275 million in net premiums written in 2024.
The deal is expected to close in the second quarter of 2025 for Thailand and late 2025 or early 2026 for Vietnam, subject to regulatory approvals and customary closing conditions.
With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance. The company employs approximately 43,000 people worldwide.
For Liberty Mutual, the sale reflects a strategic shift to focus on other opportunities in the Asia Pacific region. Liberty Mutual will continue operations in Australia, China, Malaysia, Hong Kong, Singapore, and India.
“Thailand and Vietnam are well-performing businesses with real potential, and this transaction aligns them with an organization that has the strategy and commitment to invest in the development of these markets,” said Tim Sweeney, Liberty Mutual’s president and CEO. “We are grateful to our teams who have been dedicated to serving the needs of our clients, brokers, and partners in these markets.”
Goldman Sachs acted as financial advisor, while Baker McKenzie provided legal counsel to Liberty Mutual for the transaction.
Thailand’s general insurance market is projected to reach US$10.9 billion in gross written premiums by 2028, growing at a compound annual growth rate (CAGR) of 4.5%. Meanwhile, Vietnam’s general insurance market is projected to grow at a CAGR of 6.7%, reaching US$3.9 billion by 2028, according to GlobalData.
What do you think of Chubb’s expansion into Thailand and Vietnam? Share your thoughts in the comments below.
