Global insurance company Generali has concluded a €2.3bn deal to buy Liberty Seguros, Compañia de Seguros y Reaseguros, which was owned by Liberty Mutual.
Liberty Seguros is Liberty Mutual’s personal lines and small commercial insurance business.
The company, primarily a P&C insurance provider, employs 1,700 people and utilises a network of 5,600 intermediaries across its markets.
Its operations include a mix of agents, direct channels, brokers, bancassurance agreements and partnerships.
The acquisition, which was agreed upon on 15 June 2023, involves the transfer of Liberty Seguros’ operations in Spain, Portugal, Ireland and Northern Ireland to Generali.
It does not include Liberty Mutual’s other European operations such as Liberty Mutual Reinsurance, Liberty Specialty Markets, Liberty IT, Hughes Insurance and Liberty Mutual Surety.
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All these European businesses will continue to function in their respective markets.
The completion of the deal has resulted in the appointment of a new board of directors at Liberty Seguros.
Carlos Escudero has been appointed as Liberty Seguros’ new CEO and Pedro Carvalho as branch manager for Liberty Seguros in Portugal. The appointments await regulatory approval.
Liberty Seguros’ direct business, which offers customised products and specialist digital expertise, is said to align with Generali’s goal to develop a new digital multichannel platform for direct retail P&C sales.
This initiative is part of Generali’s Lifetime Partner 24: Driving Growth plan aimed at enhancing the group’s overall earnings profile and strengthening the existing P&C business.
Generali International CEO Jaime Anchústegui Melgarejo said: “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 ten market share in P&C.
“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.”