Chubb Ltd. agreed to amass Liberty Mutual Holding Co.’s companies in Thailand and Vietnam in a deal that will assist it increase its presence in Southeast Asia.
Chubb plans to purchase LMG Insurance coverage Public Co. in Thailand and Liberty Insurance coverage Ltd. in Vietnam, in keeping with a press release on Monday, which confirmed an earlier report by Bloomberg Information. The companies supply insurance coverage providers together with automotive, accident & well being, and different non-motor insurance coverage corresponding to hearth, property and industrial.
The deal, the phrases of which weren’t disclosed, contains 56 distribution branches, 2,600 brokers and brokers and 26 finance companions, in keeping with the assertion. The mixed operations produced about $275 million in internet premiums written in 2024. The transaction in Thailand is anticipated to be accomplished by the second quarter, whereas the one in Vietnam might shut by both later this yr or early subsequent, pending regulatory and different customary approvals.
Liberty Mutual had been contemplating promoting its Thai and Vietnamese property because it seeks to streamline its operations, Bloomberg Information reported in December. Liberty Mutual had been working with a monetary adviser on the potential disposal, which may assist it elevate just a few hundred million {dollars}, folks acquainted with the matter have mentioned.
A transfer to promote its Thailand and Vietnam items would comply with different earlier disposals from Liberty Mutual globally. Final yr, the US insurer bought a bunch of European companies to Assicurazioni Generali SpA for round $2.5 billion as a part of its efforts to exit non-core markets and bulk up in US property and casualty insurance coverage.
Chubb has lately been boosting its presence in Asia. In 2022, it purchased Cigna Group’s life, accident and supplemental companies in seven locations for greater than $5 billion in a deal aimed toward boosting its operations within the Asia Pacific area.
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Mergers & Acquisitions
Chubb
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