The businesses could be sought by European rivals with their potential sale expected to rake in over $1bn. Credit: StartupStockPhotos from Pixabay

American diversified insurer Liberty Mutual Holding is looking to offload its operations in Spain, Portugal and Ireland, reported Bloomberg citing people privy to the development.

In Spain and Portugal, the firm offers property and casualty and life insurance services, among others, via banks, affiliates, and agents.

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It provides personal car, home insurance, as well as business products in Ireland, where it set foot in 2011 through a purchase.

As per the people, these businesses could be sought by European rivals with their potential sale expected to rake in over $1bn.

However, discussions are in preliminary stages and the prospect of a deal materialising is not certain.

There was no comment on the matter from Liberty Mutual and Bank of America representatives.

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Data collated by Bloomberg show insurers making up for nearly $33.4bn of mergers and acquisitions this year.

Meanwhile, Liberty Mutual, which is owned by its policyholders, has been recently strengthening its presence in other markets.

In July 2022, the firm closed the purchase of Malaysia’s AmGeneral Insurance, thereby becoming the country’s largest auto insurer.

The merged business will reach an exclusive 20-year bancassurance alliance with AmBank to sell general insurance offerings.

Earlier this year, Liberty Mutual completed the $1bn deal for the acquisition of US-based property and casualty insurance holding firm State Auto Group.

Ohio-headquartered State Auto Group sells personal as well as small commercial coverages across 33 US states.