BOSTON, July 19, 2021 / PRNewswire / – Liberty Mutual Insurance will seek regulatory approval to acquire Malaysian insurer AmGeneral Insurance Berhad (AmGeneral). AmGeneral is currently owned 51% by AmBank Group and 49% by Insurance Australia Group (IAG). Subject to obtaining the appropriate regulatory approvals, Liberty Insurance Berhad will acquire 100% of the shares of AmGeneral, and the AmBank group’s share of the proceeds of the sale will be in the form of cash and shares as consideration, which will so that the AmBank group will hold a 30% stake in Liberty Insurance Berhad and AmGeneral. The activities of AmGeneral and Liberty Insurance Berhad will be formally merged at a later date. As a result of the merger, the combined entity is expected to become Malaysia’s largest auto insurer and second-largest property and casualty insurer based on 2020 data.
As part of the transaction, the future merged entity will enter into an exclusive 20-year bancassurance partnership with AmBank Group to distribute general insurance products.
“Expansion and investment in international insurance markets is essential to our aspiration to become a leading global P&C insurance company,” said Liberty Mutual, President of Global Retail Markets, Jim MacPhee. “Liberty Mutual’s mission to help people adopt today and continue with confidence tomorrow is well aligned with AmBank’s mission to help individuals and businesses alike. Malaysia grow and win together. The combination of Liberty’s global capabilities with AmGeneral’s leading automotive market share and growing business in additional product lines will create a premier insurance operation. ”
AmGeneral serves the Malaysian insurance market with approximately 1,400 employees in 33 branches. One of the top three auto insurers with growing business in additional product lines, the company distributes its personal and commercial insurance products under the AmAssurance and Kurnia brands through more than 6,000 agents, brokers, car dealerships, franchises and affinity partners, and its partners in growing digital and direct capabilities.
Citigroup, Inc. acted as financial advisor to Liberty Mutual in the transaction.
About Liberté Mutuelle d’Assurance
At Liberty Mutual, we believe progress happens when people feel safe. By providing protection against the unexpected and delivering it with care, we help people adopt today and continue with confidence tomorrow.
In business since 1912, and headquartered in Boston, we are now the sixth largest P&C insurer in the world based on gross premiums written in 2020. We are also ranked 71 on the Fortune 100 list of the largest companies in the United States based on 2020 revenues. December 31, 2020, we have had $ 43.8 billion in consolidated annual sales.
We employ more than 45,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services including personal automobile, owners, specialty lines, reinsurance, commercial property and casualty, workers compensation, commercial automobile, liability general civil, surety bond and commercial property.
For more information, visit www.libertymutualinsurance.com.
About Liberty Insurance Berhad
Situated at Kuala Lumpur, Liberty Insurance Berhad has approximately 450 employees in six regional offices and 24 branches across Malaysia. The company distributes its personal, business and other product lines through multiple channels, including a force of 2,000 agents.
Contact: Glenn Greenberg
SOURCE Liberty Mutual Insurance