World insurance coverage firm Generali has concluded a €2.3bn deal to purchase Liberty Seguros, Compañia de Seguros y Reaseguros, which was owned by Liberty Mutual.
Liberty Seguros is Liberty Mutual’s private traces and small industrial insurance coverage enterprise.
The corporate, primarily a P&C insurance coverage supplier, employs 1,700 individuals and utilises a community of 5,600 intermediaries throughout its markets.
Its operations embody a mixture of brokers, direct channels, brokers, bancassurance agreements and partnerships.
The acquisition, which was agreed upon on 15 June 2023, includes the switch of Liberty Seguros’ operations in Spain, Portugal, Eire and Northern Eire to Generali.
It doesn’t embody Liberty Mutual’s different European operations similar to Liberty Mutual Reinsurance, Liberty Specialty Markets, Liberty IT, Hughes Insurance coverage and Liberty Mutual Surety.
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All these European companies will proceed to perform of their respective markets.
The completion of the deal has resulted within the appointment of a brand new board of administrators at Liberty Seguros.
Carlos Escudero has been appointed as Liberty Seguros’ new CEO and Pedro Carvalho as department supervisor for Liberty Seguros in Portugal. The appointments await regulatory approval.
Liberty Seguros’ direct enterprise, which provides customised merchandise and specialist digital experience, is claimed to align with Generali’s objective to develop a brand new digital multichannel platform for direct retail P&C gross sales.
This initiative is a part of Generali’s Lifetime Associate 24: Driving Development plan aimed toward enhancing the group’s total earnings profile and strengthening the prevailing P&C enterprise.
Generali Worldwide CEO Jaime Anchústegui Melgarejo stated: “The completion of the Liberty Seguros acquisition marks the start of a brand new chapter for Generali, consolidating our management place in Spain and Portugal, two key markets for our Group, and giving us the chance to enter the Irish market with a high ten market share in P&C.
“The complementary match of each Liberty Seguros and Generali’s operations will enable us to proceed to develop sustainably, strengthen our distribution capabilities by way of skilled brokers and brokers, bancassurance and the direct channel, in addition to to boost our buyer providing due to an expanded product vary.”