Liberty Mutual Sells Western Europe Operations to Generali Group
16 June 2023 - 12:39AM
Dow Jones News
By Dean Seal
Liberty Mutual Insurance has agreed to sell its personal lines
and small commercial insurance business in Western Europe to
Generali Group for $2.5 billion.
The Boston-based insurer said Generali, an Italian insurance
company also known as Assicurazioni Generali, will acquire its
Madrid-based Liberty Seguros SA, which operates in Ireland,
Northern Ireland, Portugal and Spain.
Liberty Mutual's other European operations aren't included in
the deal and will continue to operate.
Liberty Seguros is Liberty Mutual's largest operation outside of
the U.S., with nearly 1,7000 employees throughout the market and
EUR1.2 billion in premiums last year.
Chief Executive Officer Tim Sweeney said the decision helps
Liberty Mutual sharpen its operational focus.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
June 15, 2023 10:24 ET (14:24 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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