Italian insurance major Generali has signed a deal with Liberty Mutual to acquire Spanish insurance company Liberty Seguros for €2.3bn ($2.52bn).

Headquartered in Madrid, Liberty Seguros is the personal lines and small commercial insurance business of the US-based Liberty Mutual.

Liberty Seguros’ operations in Portugal, Spain, Ireland, and Northern Ireland are part of the deal.

The remaining European operations of Liberty Mutual, including Liberty Specialty Markets, Liberty Mutual Reinsurance, Liberty Mutual Surety, Liberty IT, and Hughes Insurance, are not a part of this deal and will continue to serve their respective markets.

With more than 1,700 workers and locations across the Western European market, Liberty Seguros reported premiums of €1.2bn ($1.31bn) last year.

Liberty Seguros’ portfolio includes insurance solutions for non-life and life-risk products.

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For Generali, the acquisition further bolsters its property and casualty (P&C) business in Europe.

Through the deal, Generali expects to move up to fourth place in the Spanish P&C market, maintain its second-place position in Portugal, and enter Ireland.

Generali CEO international Jaime Anchústegui Melgarejo said: “This transaction underlines the group’s commitment to Spain and Portugal while strengthening our European footprint, as we enter Ireland with an important market share.

“The complementary, profitable and diversified nature of the business will also enable us to expand our agents and broker network and gain new operating expertise in the direct business.”

Liberty Mutual president and CEO Tim Sweeney said: “This decision further helps Liberty Mutual sharpen our operational focus to deliver exceptional value across our channels, products and markets.”

The companies did not provide information about the closing timeline for the deal, which is subject to regulatory approval.