• Mon. Dec 5th, 2022


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Liberty Mutual considers $1bn sale of Europe enterprise


Nov 25, 2022

US insurer, Liberty Mutual Holding Firm (LMHC), is exploring a sale of its companies in Spain, Portugal and Eire, in response to Bloomberg Information sources.

Folks aware of the matter – who’ve requested to not be recognized as discussions are non-public – have revealed that LMHC is working with Financial institution of America Corp. on the potential divestments, which might fetch greater than $‎1 billion.

The belongings might appeal to curiosity from rival European insurers, the folks stated, including that talks are nonetheless in early levels and should not result in a transaction.

Bloomberg approached Liberty Mutual and Financial institution of America representatives for feedback however have declined to supply one.

Liberty Mutual would be part of different American friends who’ve offered non-core markets in Europe, the media firm famous. New York-based MetLife Inc. in July 2021 agreed to promote its European life insurance coverage operations for nearly $700 million to Dutch insurer NN Group NV to streamline its world enterprise.

Stratumn, by SIA Partners

The insurer sells all the pieces from property and casualty to life insurance coverage in Spain and Portugal by means of brokers, banks and associates, in response to its web site. The corporate entered Eire by means of an acquisition in 2011 and provides private automotive and residential insurance coverage there, in addition to enterprise merchandise.

It has additionally been bulking up in US property and casualty insurance coverage, together with buying State Auto Monetary Corp. at a worth of about $2.3 billion earlier this 12 months, Bloomberg added. The corporate is owned by its policyholders and is likely one of the extra acquisitive insurers with that construction.

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