Liberty Mutual Insurance coverage has concluded its beforehand introduced acquisition of Malaysian insurer AmGeneral Insurance coverage (AmGeneral).
The deal, which was first introduced in July final yr, was closed after the receipt of regulatory approval in Malaysia and the signing of a purchase order and sale settlement with AmBank Group (AmBank).
AmBank beforehand held 51% of AmGeneral whereas the rest was owned by Insurance coverage Australia Group.
Beneath the settlement, Liberty Insurance coverage acquired 100% of the shares of AmGeneral.
AmBank will proceed to have a 30% curiosity in AmGeneral by way of the consideration shares it has obtained as a part of the transaction.
The businesses stated that the AmGeneral and Liberty Insurance coverage operations will probably be mixed on a subsequent date.
The potential merged entity, which is deemed to turn into the most important auto insurer in Malaysia, will signal an unique 20-year bancassurance partnership with AmBank to distribute common insurance coverage merchandise.
Liberty Mutual World Retail Markets president Jim MacPhee stated: “The acquisition of and subsequent merger with AmGeneral is instrumental in our aspiration to turn into a number one world property and casualty insurance coverage firm.”
AmGeneral distributes its private and business insurance coverage merchandise below the AmAssurance and Kurnia manufacturers. It has roughly 1,400 workers at its 33 department areas unfold throughout Malaysia.
MacPhee added. “Combining Liberty’s world capabilities with the robust group driving a well-respected and valued AmGeneral franchise will create a best-in-class insurance coverage operation.”
This March, Liberty Mutual finalised its $1bn acquisition of State Auto Group, a US-based property and casualty insurance coverage holding agency.
