Italian insurance powerhouse Generali has successfully acquired Liberty Mutual’s largest non-US business in a €2.3 billion deal, marking its most significant acquisition in the past decade.
With the transaction now finalized, Generali assumes ownership of Liberty Seguros operations in Spain, Portugal, Ireland, and Northern Ireland.
In a statement, Generali’s international chief executive, Jaime Anchústegui Melgarejo, commented, “The completion of the Liberty Seguros acquisition marks the beginning of a new chapter for Generali, consolidating our leadership position in Spain and Portugal, two key markets for our group, and allowing us to enter the Irish market with a top 10 market share in P&C (property and casualty). The synergies between Liberty Seguros and Generali’s operations will enable sustainable growth, bolster our distribution capabilities through professional brokers and agents, bancassurance, and the direct channel, and enrich our customer offerings with an expanded product range.” Additionally, pending regulatory approval, Carlos Escudero and Pedro Carvalho have been appointed as CEO and Portugal branch manager, respectively.
In 2023, Liberty Mutual finalized the sale of its Liberty Seguros business in Brazil to HDI.