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.
"Expanding and investing in international insurance markets is instrumental in our aspiration to become a leading global property and casualty insurance company," said Liberty Mutual President, Global Retail Markets, Jim MacPhee. "Liberty Mutual's mission to help people embrace today and confidently pursue tomorrow is well aligned with AmBank's mission to help individuals and businesses in Malaysia grow and win together. Combining Liberty's global capabilities with AmGeneral's leading market share in auto and a growing business in additional product lines will create a best-in-class insurance operation."
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.
Citigroup, Inc. acted as financial advisor to Liberty Mutual in the transaction.
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 71 on the Fortune 100 list of largest corporations in the U.S. based on 2020 revenue. As of December 31, 2020, we had $43.8 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.