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Planned Acquisition and Subsequent Merger of Operations is Expected to Make Liberty Mutual the Largest Motor Insurer and Leading General Insurer in Malaysia
Kuala Lumpur (28 June 2022) – Liberty Insurance Berhad (LIB), an owned subsidiary of Liberty Mutual Insurance (Liberty), has received approval from the Minister of Finance to acquire AmGeneral Insurance Berhad (AmGeneral).
AmGeneral is currently 51%-owned by AmBank Group (AmBank) and 49%-owned by Insurance Australia Group (IAG). Upon deal completion, which is subject to customary closing conditions, LIB will acquire 100% shares of AmGeneral, and AmBank’s share of the sale proceeds will be in the form of cash and consideration shares, which will result in AmBank holding a 30% interest in the LIB and AmGeneral businesses. We anticipate signing the sale and purchase agreement in July 2022. Further announcements will be made in due course.
As part of the transaction, the prospective merged entity will enter into an exclusive 20-year bancassurance partnership with AmBank to distribute general insurance products. The AmGeneral and LIB operations will, at a subsequent date, be formally merged.
“This is a transformational moment for Liberty in Malaysia,” said Liberty Mutual’s Global Retail Markets East President & Chief Operating Officer, Defne Turkes. “This approval solidifies our path toward deal completion and integration with AmGeneral, and realizing the possibilities of what we can accomplish together.”
About AmGeneral
AmGeneral serves the Malaysian insurance market through approximately 1,400 employees at 33 branch locations. A top three motor insurer with a 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 dealers, franchises and affinity partners, and its fast-growing digital and direct capabilities.
About Liberty Insurance Berhad
Based in Kuala Lumpur, Liberty Insurance Berhad (LIB) employs approximately 450 employees at six regional offices and 24 branches across Malaysia. The company distributes its personal, commercial and other product lines through multiple channels, including a 2,000-agent work force, plus franchises, car dealers and our banca partners. LIB aims to provide a convenient and hassle-free service that is easily accessible from wherever you are.
About Liberty Mutual Insurance
At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people embrace today and confidently pursue tomorrow.
In business since 1912, and headquartered in Boston, today we are the sixth largest global property and casualty insurer based on 2020 gross written premium. We also rank 78th on the Fortune 100 list of largest corporations in the U.S. based on 2021 revenue. As of December 31, 2021, we had $48.2 billion in annual consolidated revenue.
We employ over 45,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.
