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HR Asia Media - CHRO Unplugged
17 – 23 May 2021
In The News
New Straits Times - Business Times
Monday, 17 May 2021
Read more:
Planned Acquisition and Subsequent Merger of Operations is Expected to Make Liberty Mutual the Largest Motor Insurer in Malaysia
Kuala Lumpur (19 July 2021) – Liberty Mutual 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. The AmGeneral and Liberty Insurance Berhad operations will, at a subsequent date, be formally merged. Following the merger, it is expected that the combined entity will become the largest motor insurer and second-largest general insurer in Malaysia based off of 2020 data.
As part of the transaction, the prospective merged entity will enter into an exclusive 20-year bancassurance partnership with AmBank Group to distribute general insurance products. “Expanding and investing in international insurance markets is instrumental in our aspiration to become a leading global property and casualty insurance company,” said Liberty Mutual’s Global Retail Markets East President & COO, Matt Nickerson. “Liberty Mutual’s mission to help people embrace today and confidently pursue tomorrow is well aligned with AmBank’s mission to help individuals and businesses in Malaysia grow and win together. Combining Liberty’s global capabilities with AmGeneral’s leading market share in motor and a growing business in additional product lines will create a best-in-class insurance operation.”
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.
Citigroup, Inc. acted as financial advisor to Liberty Mutual in the transaction.
This article was published in the following media. Click on the title link or download PDF to read more.
- The Star
- New Straits Times
- Sin Chew Daily
- Berita Harian
- Malaysian-Business.com
- Autoworld.com.my
- Bernama - Liberty Mutual Insurance Seeks to Acquire Malaysian Insurer AmGeneral
- MSN - Liberty Mutual Insurance Seeks to Acquire Malaysian Insurer AmGeneral
- Pandulaju - Liberty Mutual Insurance Seeks to Acquire Malaysian Insurer AmGeneral
- Utusan - Liberty Mutual Insurance Seeks to Acquire Malaysian Insurer AmGeneral
- Wapcar - Liberty Mutual Insurance Seeks to Acquire Malaysian Insurer AmGeneral
Memiliki kenderaan berusia lebih daripada lima tahun ada kalanya mampu merungsingkan para pemilik disebabkan masalah alat ganti tulen yang sukar didapati, selain terpaksa bergantung harap kepada alat ganti terpakai, sekiranya ada.
Jadi, apabila sesebuah kenderaan itu terlibat dalam kemalangan dan memerlukan pembaikan, kos penambahbaikan (betterment cost) kebiasaannya akan dikenakan terhadap pemilik polisi insurans.
Berdasarkan kepada panduan Persatuan Insurans Am Malaysia (PIAM), kos penambahbaikan ini bertujuan untuk meletakkan pemilik di dalam kondisi kewangan yang sama seperti sebelum kemalangan berlaku.
Dalam sesetengah keadaan, kos penambahbaikan ini adalah digalakkan sekiranya penggantian yang dilakukan itu mampu meningkatkan kadar nilai jual balik sesebuah kenderaan.
Pemilik polisi juga berhak mendapat pilihan untuk menggantikan komponen yang terjejas dengan alat ganti terpakai sekiranya mereka tidak mahu membayar caj tambahan yang disebutkan itu tadi.
Namun, dengan penggunaan alat ganti serba baharu dilihat bakal mengembalikan semula keadaan kenderaan kepada kondisi asal sebelum kemalangan, selain bertindak sebagai lapisan perlindungan tambahan serta keselamatan kepada pemilik....
