HomeInsuranceLife InsuranceLiberty Mutual considers $1bn sale of Europe enterprise

Liberty Mutual considers $1bn sale of Europe enterprise

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 accustomed to 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 doable divestments, which might fetch greater than $‎1 billion.

The property might appeal to curiosity from rival European insurers, the individuals mentioned, including that talks are nonetheless in early phases and should not result in a transaction.

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

Liberty Mutual would be a part of different American friends who’ve bought 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 international enterprise.

Stratumn, by SIA Partners

The insurer sells every little thing from property and casualty to life insurance coverage in Spain and Portugal by brokers, banks and associates, in response to its web site. The corporate entered Eire by an acquisition in 2011 and affords private automobile 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 yr, Bloomberg added. The corporate is owned by its policyholders and is among the extra acquisitive insurers with that construction.

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