July 16, 2014 - Liberty Mutual Insurance Group today announced that its subsidiary, Liberty Seguros, Compania de Seguros y Reaseguros, S.A. (Liberty Seguros), has acquired Uni.Asia Capital Sdn Bhd’s 68.09% stake in Uni.Asia General Insurance Berhad (Uni.Asia General) for approximately $118 million.
Uni.Asia General ranks as the 14th largest non-life insurer in Malaysia with nearly $167 million in gross written premium for the financial year ended March 31, 2014. The company, which specializes in private passenger automobile insurance and fire insurance for homes, features multiple distribution channels, including independent agents, brokers, banks and car dealers.
The acquisition of Uni.Asia General follows Liberty Mutual Insurance Group’s finalization of its entry into Mexico with the acquisition of surety company Primero Fianzas. In June, Liberty Mutual Insurance Group announced its plans to acquire Hughes Insurance in Northern Ireland.
Uni.Asia General now forms a part of Liberty Mutual Insurance Group's international network of more than 30 countries spread across Asia, Latin America, North America, South America and Europe.
“We thank the Malaysian Government and Bank Negara Malaysia for granting us regulatory approval to finalize this acquisition,” said Luis Bonell, Chief Executive Officer of Liberty International Holdings Inc. “We are excited to have Uni.Asia General and its employees join Liberty Mutual Insurance Group.”
Liberty Mutual Insurance Group’s local business operations offer insurance to individuals and businesses in Brazil, Chile, China (including Hong Kong), Colombia, Ecuador, India, Ireland, Malaysia, Poland, Portugal, Russia, Singapore, Spain, Thailand, Turkey, United Kingdom, Venezuela, and Vietnam. Private passenger automobile insurance is the single largest line of business for the Liberty International strategic business unit, which insures more than 6.4 million autos worldwide.
About Liberty Mutual Insurance
Liberty Mutual Insurance helps preserve and protect the things people earn and own and build and cherish. Keeping this promise means we are there when our policyholders throughout the world need us most.
In business since 1912, and headquartered in Boston, Mass., today Liberty Mutual, together with its subsidiaries, is a diversified global insurer with operations in 30 countries around the world. The company is the third largest property and casualty insurer in the U.S. based on 2013 direct premium written as reported by the National Association of Insurance Commissioners.
Liberty Mutual is ranked 76th on the Fortune 100 list of largest corporations in the U.S. based on 2013 revenue. As of December 31, 2013, Liberty Mutual Insurance had $121.2 billion in consolidated assets, $102.2 billion in consolidated liabilities, and $38.5 billion in annual consolidated revenue.
Liberty Mutual employs more than 50,000 people in approximately 900 offices throughout the world, and we offer a wide range of insurance products and services, including personal automobile, homeowners, accident & health, commercial automobile, general liability, property, surety, workers compensation, group disability, group life, specialty lines, reinsurance, individual life and annuity products.
You can learn more by visiting www.libertymutualinsurance.com.
Contact:
Adrianne Kaufmann
617-574-5983
Adrianne.kaufmann@libertymutual.com
