AMMB gets MoF nod to sell unit to Liberty Insurance

THE SUN DAILY

Wednesday, 29 June 2022

PETALING JAYA: AMMB Holdings Bhd subsidiary AmGeneral Holdings Bhd has obtained approval from the Minister of Finance (Mor) for the sale of its wholly owned subsidiary AmGeneral Insurance Bhd (AGIB) to Liberty Insurance Bhd (LIB). AmGeneral Insurance is currently 51%owned by AMMB and 49%-owned by Insurance Australia Group. Upon completion of the deal. Liberty Insurance will acquire 100% of AmGeneral Insurance's shares, while AMMB will receive a share of the sale proceeds and 30% consideration shares. The signing of the sale and purchase agreement and other transaction agreements will be in July 2022. As part of the transaction, AMMB will enter into a 20-year new bancassurance partnership with the prospective merged entity for the distribution of general insurance products. The operations of AmGeneral Insurance and Liberty Insurance will be formally merged at a subsequent date. AMMB Group CEO Datuk Sulaiman Mohd Tahir said the partnership with Liberty Mutual is key to propelling its general insurance business to greater heights. "We are optimistic on the sustained growth opportunities that this dynamic union will bring about," he added. Liberty Insurance has 450 employees across six regional offices and 24 branches in Malaysia. It distributes personal, commercial, and other product lines through multiple channels including a 2,000-agent workforce as well as franchises, car dealers and banca partners. "This is a transformational moment for Liberty in Malaysia. This approval solidifies our path toward deal completion and integration with AmGeneral, and realising the possibilities of what we can accomplish together," said Liberty Mutual global retail markets east president & CO0 Defne Turkes.

AMMB unit secures MoF approval for stake sale of AmGeneral Insurance to Liberty Insurance

THE EDGE CEO Morning Brief, Malaysia

Wednesday, 29 June 2022

KUALA LUMPUR (June 28): AMMB Holdings Bhd's 51%-owned subsidiary AmGeneral Holdings Bhd (AGHB) has obtained approval from the Minister of Finance (MoF) for the sale of its 100% stake in AmGeneral Insurance Bhd (AGIB) to Liberty Insurance Bhd (LIB). AGHB had on July 19 last year inked an implementation agreement with LIB for the disposal of AGIB at a price tag of RM2.29 billion (subject to adjustment), to be satisfied via cash and a 30% stake in LIB. "AGIB is currently 51%-owned by AMMB and 49%-owned by Insurance Australia Group (LAG). Upon completion of the deal, which is subject to customary closing conditions, LIB will acquire 100% of AGIB's shares, while AMMB will receive its share of the sale proceeds in the form of cash and consideration shares. As a result, AMMB will hold a 30% interest in the businesses of AGIB and LIB," AMMB'S statement said Following the approval from MoF for the sale of AGIB to LIB, AMMB anticipates signing the sale and purchase agree ment and other transaction agreements for the AGIB disposal in July 2022 pursuant to the terms of the implementation agree ment entered into between AGHB and LIB last year.

It added that further announcements will be made in due course. As part of the transaction, AMMB said it will enter into a 20-year new bancassurance partnership with the prospective merged entity for the distribution of general insurance products. The operations of AGIB and LIB will be formally merged at a subsequent date. Commenting on the partnership, AMMB group chief executive officer Datuk Sulaiman Mohd Tahir said the strategic partnership with a global insurance leader like Liberty Mutual is key to propelling its general insurance business to even greater heights. "We are optimistic on the sustained growth opportunities that this dynamic union will bring about," Sulaiman said. Based in Kuala Lumpur, LIB has approximately 450 employees across six regional offices and 24 branches in Malaysia. The company distributes its personal, commercial, and other product lines through multiple channels, including a 2,000-agent workforce as well as franchises, car dealers and banca partners. AMMB's share price closed up five sen or 1.34% to RM3.79, which translates to a market capitalisation of RM12.56 billion. The stock has risen 30% from RM2.92 over the past one year.

Liberty Mutual Insurance dapat kelulusan Kementerian Kewangan ambil alih AmGeneral

Melaysiakini.com

Wednesday, 29 June 2022

PETALING JAYA: Liberty Insurance Berhad (LIB), sebuah syarikat subsidiari Liberty Mutual Insurance (Liberty), telah menerima kelulusan daripada Menteri Kewangan untuk mengambil alih AmGeneral Insurance Berhad (AmGeneral). Setakat hari ini, AmGeneral dimiliki oleh AmBank Group (AmBank) sebanyak 51 peratus dan 49 peratus lagi dimiliki oleh Insurance Australia Group (IAG). 

 

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Liberty Mutual Insurance terima kelulusan MoF ambil alih AmGeneral

Astroawani.com

Wednesday, 29 June 2022

KUALA LUMPUR: Liberty Insurance Berhad (LIB), sebuah syarikat subsidiari Liberty Mutual Insurance (Liberty), telah menerima kelulusan daripada Menteri Kewangan untuk mengambil alih AmGeneral Insurance Berhad (AmGeneral). 

Setakat hari ini, AmGeneral dimiliki oleh AmBank Group (AmBank) sebanyak 51% dan 49% lagi dimiliki oleh Insurance Australia Group (IAG). 

Apabila perjanjian termeterai kelak, yang mana tertakluk kepada syarat-syarat penutupan yang ditetapkan, LIB bakal mengambil alih 100% saham daripada AmGeneral. 

Hasil jualan daripada saham AmBank adalah dalam bentuk tunai dan syer bersyarat, yang bakal menjadikan AmBank sebagai pemegang saham sebanyak 30% daripada perniagaan LIB dan AmGeneral. 

"LIB menjangkakan perjanjian jual beli akan ditandatangani pada bulan Julai 2022. Pengumuman lanjut akan dibuat dalam masa terdekat," kata syarikat itu dalam kenyataan di sini semalam. 

Sebagai sebahagian daripada transaksi ini, entiti yang akan digabungkan akan memeterai satu kerjasama bankasurans eksklusif dengan AmBank selama 20 tahun untuk mengedarkan produk insurans am. Operasi AmGeneral dan LIB bakal digabungkan secara rasmi pada satu tarikh yang akan diumumkan kelak. Presiden Peruncitan Global Pasaran Timur & Ketua Pegawai Operasi Liberty Mutual, Defne Turkes berkata, “Ini merupakan satu detik transformasi bagi Liberty di Malaysia.”

“Kelulusan ini memperkukuhkan lagi proses bagi menyempurnakan perjanjian dan integrasi dengan AmGeneral, dan juga menzahirkan kejayaan yang bakal dicapai bersama,” kata beliau. 

Beribu pejabat di Kuala Lumpur, Liberty Insurance Berhad (LIB) disokong oleh 450 warga kerja dari 6 pejabat serantau dan 24 cawangan di seluruh negara. 

Syarikat ini menawarkan produk insurans peribadi, komersial dan produk lain melalui saluran yang luas termasuk 2,000 ejen insurans, pemegang francais, pengedar kereta dan rakan bankasurans. - DagangNews.com

 

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Liberty Mutual Insurance Receives Regulatory Approval to Acquire AmGeneral

Planned Acquisition and Subsequent Merger of Operations is Expected to Make Liberty Mutual the Largest Motor Insurer and Leading General Insurer in Malaysia 

Kuala Lumpur (28 June 2022) – Liberty Insurance Berhad (LIB), an owned subsidiary of Liberty Mutual Insurance (Liberty), has received approval from the Minister of Finance to acquire AmGeneral Insurance Berhad (AmGeneral).  

AmGeneral is currently 51%-owned by AmBank Group (AmBank) and 49%-owned by Insurance Australia Group (IAG). Upon deal completion, which is subject to customary closing conditions, LIB will acquire 100% shares of AmGeneral, and AmBank’s share of the sale proceeds will be in the form of cash and consideration shares, which will result in AmBank holding a 30% interest in the LIB and AmGeneral businesses. We anticipate signing the sale and purchase agreement in July 2022. Further announcements will be made in due course. 

As part of the transaction, the prospective merged entity will enter into an exclusive 20-year bancassurance partnership with AmBank to distribute general insurance products. The AmGeneral and LIB operations will, at a subsequent date, be formally merged.  

“This is a transformational moment for Liberty in Malaysia,” said Liberty Mutual’s Global Retail Markets East President & Chief Operating Officer, Defne Turkes. “This approval solidifies our path toward deal completion and integration with AmGeneral, and realizing the possibilities of what we can accomplish together.”

 


 

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 our 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.

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