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New Straits Times - Business Times
Monday, 17 May 2021
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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....
Former Uni.Asia General Insurance rebranded following sales of majority share to Liberty Mutual Group.
KUALA LUMPUR, 9 June 2015 – Liberty General Insurance Berhad, formerly Uni.Asia General Insurance Berhad (UAG) was officially launched today. This follows the acquisition of a majority stake in the company by Liberty Seguros, a subsidiary of the Liberty Mutual Group, which was completed in July 2014. The US-based Liberty Mutual Group (the Group) founded in 1912, is a global insurer listed on the Fortune 100. In 2014, the group recorded US$39.6b in revenue and US$124.3b in assets.
The launch was officiated by Dato’ Haji Kamil Khalid Ariff, Chairman of Liberty General Insurance Berhad. Also present were Luciano Suzuki, Chief Operating Officer for Asia Pacific Region at Liberty International, David Tan, Chief Executive Officer of Liberty General Insurance Berhad, and the company’s senior management team, personnel and business partners.
“UAG has a strong and proud history in Malaysia stretching back 38 years. Our success has been built upon our relationships with our clients as well as with other stakeholders. Moving forward, Liberty General Insurance Berhad will incorporate our local experience and Liberty’s global expertise to further enhance these relationships,” Tan said.
Tan added that Liberty General Insurance Berhad’s passion for making insurance readily available to all consumers contributes to the objective of ensuring greater insurance coverage for the population of Malaysia. “We believe that being insured is important for enhancing the population’s financial security and social safety net and we want to play an integral role in helping people in Malaysia live safer, more secure lives,” he said.
Meanwhile, Suzuki said the Liberty Mutual Group continues to embrace the local expertise of their operations while uniting everyone behind the strong values that give the Group its unique qualities. “Malaysia has a vibrant and developing insurance industry, and we are extremely excited to establish a footprint in this fast growing and profitable market. Together with Liberty General Insurance Berhad, we look forward to our continued success in Southeast Asia’s second largest insurance market,” said Suzuki.
Remarking on Liberty General Insurance Berhad’s financial performance, Tan said he looks forward to continuing the company’s recent business momentum, taking its new name and new family to greater heights. “Liberty General Insurance Berhad recently finalised our nine-month financial period ended December 2014, and I’m pleased to announce that for this period, the company achieved a gross written premium of RM420 million and a pre-tax profit of RM57 million,” Tan said.
With the rebranding, Liberty General Insurance Berhad’s 638 personnel add to Liberty Mutual Group’s more than 50,000 personnel in more than 900 offices worldwide. The Malaysian entity is the 30th country in the Group’s current diversified global presence, which is spread across Asia, the Americas and Europe through the Group’s international and global specialty strategic business units.
About Liberty General Insurance Berhad
Liberty General Insurance Berhad, formerly known as Uni.Asia General Insurance Berhad, is a majority-owned subsidiary of the Liberty Mutual Group. The company’s insurance products and services range covers personal & commercial automobile, homeowners, accident & health, general liability, property, surety, workers compensation, personal, travel and specialty lines.
With 5 regional offices and 25 branches in Malaysia and 638 personnel, Liberty General Insurance Berhad comprises part of the Group’s 50,000 personnel in more than 900 offices worldwide. The Malaysian entity numbers among Liberty Mutual Group’s current diversified global presence in 30 countries, spread across Asia, the Americas and Europe through the company's international and global specialty strategic business units.
Liberty General Insurance Berhad’s distribution network also includes 10 mini branches at Puspakom, POS Malaysia’s approximately 700 outlets, 4 franchise holders, 119 dealers, and a 1,800 strong agency force. The company is a MYEG Insurance Partner and a bancassurance partner of UOB Bank and Bank Simpanan Nasional.
For more information, please log on to www.libertyinsurance.com.my
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