Liberty Mutual weighs $1 billion sale of European business

Liberty Mutual Holding Co. is considering selling its businesses in Spain, Portugal and Ireland, joining other American insurers pulling out of the region, according to people familiar with the matter.

The US insurer works with Bank of America Corp. of possible divestitures that could raise more than 1 billion euros ($1 billion), according to the people, who asked not to be named as the talks are private. The assets could attract interest from competing European insurers, the people said.

The talks are still in the early stages and may not result in a transaction, the people said. Representatives from Liberty Mutual and Bank of America declined to comment.

Liberty Mutual would join other competitors who have sold non-core markets in Europe. New York-based MetLife Inc. agreed in July 2021 to sell its European life insurance business to Dutch insurer NN Group NV for nearly $700 million to streamline its global business.

Liberty Mutual has expanded into US property and casualty insurance, including the acquisition of State Auto Financial Corp. to a value of approximately $2.3 billion earlier this year. The company is owned by its policyholders and is one of the more willing insurers with this structure.

Liberty Mutual sells everything from property and casualty insurance to life insurance in Spain and Portugal through agents, banks and affiliates, according to its website. The company entered Ireland through an acquisition in 2011, offering personal auto and home insurance and business products there.

Insurers made about $33.4 billion in mergers and acquisitions this year, led by the purchase of Alleghany Corp., according to data compiled by Bloomberg. by Berkshire Hathaway Inc. for $11.6 billion.

https://www.independent.ie/business/liberty-mutual-weighs-1-billion-sale-of-europe-business-42168409.html Liberty Mutual weighs $1 billion sale of European business

Fry Electronics Team

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