Generali Nears $2 Billion Deal for Liberty Mutual’s European Units
- Italian insurer buying Spain, Portugal and Ireland assets
- Liberty Mutual has been working to exit non-core markets
Assicurazioni Generali SpA offices in Rome.
Photographer: Alessia Pierdomenico/BloombergThis article is for subscribers only.
Assicurazioni Generali SpA has agreed to acquire a group of European businesses from US insurer Liberty Mutual Holding Co. for €2.3 billion ($2.5 billion), as part of its plan to expand in non-life insurance.
Liberty Mutual announced the sale of its Liberty Seguros subsidiary in a statement on Thursday that confirmed an earlier Bloomberg News report. Generali beat out other large European insurers to acquire the asset, which includes businesses in Spain and Portugal, Ireland and Northern Ireland.