Liberty Mutual Insurance President and Chief Executive Officer Tim Sweeney today announced key organizational changes and executive leadership appointments aimed at enhancing focus on long-term strategic markets, while better leveraging scale advantages to drive improved profitability and faster innovation.
Liberty Mutual Insurance Announces Sale of Personal and Small Commercial Operations in Western Europe to Generali Group
Liberty Mutual Insurance and Generali Group announced today that they have signed a definitive agreement for Generali to acquire Liberty Seguros, S.A. -- Liberty Mutual’s personal lines and small commercial insurance business headquartered in Madrid.
Talanx becomes one of the top insurers in Latin America through acquisition of companies from Liberty Mutual
The Talanx Group rises to become the third-largest insurer by premium income in property/casualty business in Latin America through the acquisition of companies from Liberty Mutual Insurance Inc. The Retail International division of the Talanx Group has signed a purchase agreement to acquire the Liberty Seguros personal and small commercial business in Brazil, Chile, Colombia, and Ecuador.
On November 23, 2022, Liberty Mutual Group Inc. (“LMGI” or the “Company”) issued €500 million of 4.625% Senior Notes due 2030 (the “Notes”). Interest on the Notes is payable December 2nd of each year commencing on December 2, 2023. Proceeds of the offering are expected to be used to repay its outstanding 1.75% Senior Notes due 2024 and for general corporate purposes.
Liberty Mutual Insurance has completed its acquisition of Malaysian insurer AmGeneral Insurance Berhad (AmGeneral) following the receipt of regulatory approval in Malaysia and signing a purchase and sale agreement with AmBank Group (AmBank).
On June 1, 2022, Liberty Mutual Group Inc. (“LMGI” or the “Company”) issued $1.0 billion of 5.500% Senior Notes due 2052 (the “Notes”). Interest on the Notes is payable June 15 and December 15 of each year commencing on December 15, 2022. Proceeds of the offering are expected to be used to repay its outstanding 4.25% Senior Notes due 2023 and for general corporate purposes.
Pursuant to the March 1, 2022 acquisition of State Auto Group the requisite Form 8937 is provided for mutual member records.
Liberty Mutual Insurance has completed the acquisition of State Auto Group, a super-regional property and casualty insurance holding company headquartered in Columbus, Ohio that distributes personal and small commercial coverages in 33 states through approximately 3,400 independent agents. More than 2,000 State Auto employees will join Liberty Mutual’s Global Retail Markets US business unit.
On August 11, 2021, Liberty Mutual Group Inc. (“LMGI” or the “Company”) finalized an issuance of $500 million of 4.125% Series F Junior Subordinated Notes due 2051 (the “Notes”). The Notes may be redeemed in whole or in part on December 15, 2026, and on each subsequent five-year anniversary. Proceeds of the offering are expected to be used to refinance Liberty Mutual’s 4.95% Senior Notes due 2022 and for general corporate purposes.
Liberty Mutual Insurance will be applying for regulatory approval to acquire Malaysian insurer AmGeneral Insurance Berhad (AmGeneral). AmGeneral is currently 51%-owned by AmBank Group and 49%-owned by Insurance Australia Group (IAG). Subject to receiving appropriate regulatory approvals, Liberty Insurance Berhad will acquire 100% shares of AmGeneral, and AmBank Group’s share of the sale proceeds will be in the form of cash and consideration shares, which will result in AmBank Group holding a 30% interest in the Liberty Insurance Berhad and AmGeneral businesses.