Liberty Mutual Insurance has entered into an agreement to divest its operations in Thailand and Vietnam – LMG Insurance and Liberty Insurance, respectively – to Chubb.
Financial details of the deal were not made public.
The product offerings of the acquired businesses encompass automotive, accident and health, and non-motor insurance such as fire/property and industrial all-risk.
Together, these businesses reported nearly $275m in net premiums written in 2024, with a network of 56 branches, 2,600 brokers and agents, and 26 finance partners.
The divestment will allow Liberty Mutual to focus on its operations in Australia, China, Hong Kong, India, Malaysia and Singapore within Asia-Pacific.
The sale of the Thailand and Vietnam units are set to be completed by the second quarters of 2025 and 2026, respectively, contingent on the fulfilment of standard closing and regulatory conditions.
Liberty Mutual has engaged Goldman Sachs as its financial advisor, with legal advice provided by Baker McKenzie (Thailand) and Baker & McKenzie (Vietnam).
Liberty Mutual president and CEO Tim Sweeney said: “Thailand and Vietnam are well-performing businesses with real potential, and this transaction aligns them with an organisation that has the strategy and commitment to invest in the development of these markets. We are grateful to our teams who have been dedicated to serving the needs of our clients, brokers and partners in these markets.”
This January, Marc Orloff took on the role of president of Liberty Mutual’s Global Risk Solutions North America business.
Additionally, Nicole Arangio was appointed executive vice-president and chief compliance officer, effective 1 April 2025.
"Liberty Mutual to offload Thailand and Vietnam units to Chubb " was originally created and published by Life Insurance International, a GlobalData owned brand.
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