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)

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