BOSTON, July 19, 2021 /PRNewswire/ — Liberty Mutual Insurance will be applying for regulatory approval to obtain Malaysian insurer AmGeneral Insurance plan Berhad (AmGeneral). AmGeneral is currently 51%-owned by AmBank Group and 49%-owned by Insurance Australia Team (IAG). Subject to obtaining acceptable regulatory approvals, Liberty Insurance Berhad will acquire 100% shares of AmGeneral, and AmBank Group’s share of the sale proceeds will be in the form of cash and thing to consider shares, which will outcome in AmBank Group holding a 30% desire in the Liberty Coverage Berhad and AmGeneral businesses. The AmGeneral and Liberty Insurance coverage Berhad operations will, at a subsequent day, be formally merged. Adhering to the merger, it is envisioned that the mixed entity will become the largest automobile insurance provider and 2nd-major residence and casualty insurance provider in Malaysia based off of 2020 data.
As component of the transaction, the prospective merged entity will enter into an exclusive 20-calendar year bancassurance partnership with AmBank Group to distribute typical insurance policy solutions.
“Growing and investing in intercontinental insurance plan markets is instrumental in our aspiration to develop into a leading worldwide assets and casualty insurance policies business,” reported Liberty Mutual President, World-wide Retail Markets, Jim MacPhee. “Liberty Mutual’s mission to help people today embrace right now and confidently go after tomorrow is properly aligned with AmBank’s mission to assistance individuals and enterprises in Malaysia grow and win collectively. Combining Liberty’s world wide capabilities with AmGeneral’s main market share in auto and a developing enterprise in supplemental product traces will build a most effective-in-course insurance plan procedure.”
AmGeneral serves the Malaysian insurance policy marketplace as a result of somewhere around 1,400 employees at 33 department spots. A major three motor insurer with a escalating business in extra product or service lines, the firm distributes its own and business insurance policies items below the AmAssurance and Kurnia manufacturers by additional than 6,000 agents, brokers, car sellers, franchises and affinity associates, and its speedy-rising electronic and immediate capabilities.
Citigroup, Inc. acted as money advisor to Liberty Mutual in the transaction.
About Liberty Mutual Insurance
At Liberty Mutual, we imagine progress takes place when persons come to feel protected. By delivering protection for the unanticipated and offering it with care, we assistance people embrace nowadays and confidently pursue tomorrow.
In business because 1912, and headquartered in Boston, these days we are the sixth biggest world-wide property and casualty insurance provider based on 2020 gross published top quality. We also rank 71 on the Fortune 100 checklist of largest corporations in the U.S. based on 2020 income. As of December 31, 2020, we had $43.8 billion in annual consolidated income.
We employ about 45,000 people in 29 countries and economies about the earth. We give a wide selection of insurance products and expert services, including own vehicle, home owners, specialty traces, reinsurance, professional multiple-peril, workers payment, professional auto, general legal responsibility, surety, and industrial assets.
For far more information, visit www.libertymutualinsurance.com.
About Liberty Insurance plan Berhad
Dependent in Kuala Lumpur, Liberty Insurance Berhad has approximately 450 staff members at six regional offices and 24 branches throughout Malaysia. The enterprise distributes its particular, business and other products strains by several channels, which includes a 2,000-agent pressure.
Get in touch with: Glenn Greenberg
Resource Liberty Mutual Insurance