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Subsequent Merger of Operations is Expected to Make Liberty Mutual the Largest Motor Insurer and a Leading General Insurer in Malaysia
Kuala Lumpur (28 JULY 2022) – Liberty Insurance Berhad (LIB), an owned subsidiary of Liberty Mutual Insurance (Liberty), has completed the deal to acquire AmGeneral Insurance Berhad (AmGeneral) following the receipt of regulatory approval in Malaysia and signing of the share sale and purchase agreement with AmBank Group (AmBank).
AmGeneral was previously 51%-owned by AmBank Group and 49%-owned by Insurance Australia Group (IAG). With deal completion, Liberty Insurance Berhad (LIB) has acquired 100% of the shares of AmGeneral, and AmBank Group’s share of the sale proceeds are in the form of cash and consideration shares, which results in AmBank Group holding a 30% interest in the Liberty Insurance Berhad and AmGeneral businesses.
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. The AmGeneral and Liberty Insurance Berhad operations will, at a subsequent date, be formally merged.
“This is an exciting moment for Liberty in Malaysia as we look to become the largest motor insurer and a leading general insurer in Malaysia,” said Defne Turkes, Liberty Mutual’s Global Retail Markets East President & Chief Operating Officer.
“We recognize the great value of the AmGeneral franchise and the strong team behind it. AmGeneral is skilled in managing a large motor insurance portfolio, has strong established relationships, and deeply entrenched brand value amongst customers and intermediaries.
“As we work toward integration, we will recognize the best insights and practices from both operations to co-create a better experience for our customers and business partners in terms of value, ease and access. I look forward to realizing all that we can accomplish together.”
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About AmGeneral
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.
About Liberty Insurance Berhad
Based in Kuala Lumpur, Liberty Insurance Berhad (LIB) employs approximately 450 employees at six regional offices and 24 branches across Malaysia. The company distributes its personal, commercial and other product lines through multiple channels, including a 2,000-agent work force, plus franchises, car dealers and banca partners. LIB aims to provide a convenient and hassle-free service that is easily accessible from wherever you are.
About Liberty Mutual Insurance
At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people embrace today and confidently pursue tomorrow.
In business since 1912, and headquartered in Boston, today we are the sixth largest global property and casualty insurer based on 2020 gross written premium. We also rank 78th on the Fortune 100 list of largest corporations in the U.S. based on 2021 revenue. As of December 31, 2021, we had $48.2 billion in annual consolidated revenue.
We employ over 45,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.
