Italian insurance giant Generali has completed its swoop for Liberty Mutual’s largest business outside of the US. The €2.3 billion deal, according to Generali, is its biggest acquisition in a decade.
The finalised transaction now makes Generali the owner of Liberty Seguros in Spain, Portugal, Ireland, and Northern Ireland.
“The completion of the Liberty Seguros acquisition marks the beginning of a new chapter for Generali, consolidating our leadership position in Spain and Portugal, two key markets for our group, and giving us the opportunity to enter the Irish market with a top 10 market share in P&C (property and casualty),” Generali’s international chief executive Jaime Anchústegui Melgarejo said in a release.
“The complementary fit of both Liberty Seguros and Generali’s operations will allow us to continue to grow sustainably, strengthen our distribution capabilities through professional brokers and agents, bancassurance and the direct channel, as well as to enhance our customer offering thanks to an expanded product range.”
Meanwhile, subject to regulatory approval, Carlos Escudero and Pedro Carvalho were appointed as CEO and Portugal branch manager, respectively.
In 2023, Liberty Mutual closed the sale of its Liberty Seguros business in Brazil to HDI.
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