Liberty Mutual Holding Co., the second-largest property-casualty insurer in the U.S., agreed to buy Cia. de Seguros Generales Penta Security SA to expand in Chile.
Liberty Mutual will pay 105 billion pesos ($162 million), according to a statement Monday from the Chilean insurer, which sells commercial and personal coverage. The sellers are Empresas Penta SA, with a 70 percent stake, and Inversiones Seguros Security Ltda, a company document shows.
Liberty Mutual has pursued expansion in regions including India, Russia and Brazil. The Boston-based insurer entered Chile in 2004 with the acquisition of AGF Allianz Chile and purchased ING Chile in 2005.
The insurer has “seen consistent results in Chile and believes in the future growth it can offer,” Luis Bonell, president of Liberty International, said in a statement. “Penta offers a strategic complement to the business in the country and region.”