Liberty Mutual is selling its Thailand and Vietnam operations to Chubb Limited, enabling a focus on Asia Pacific markets, projected to be the largest property and casualty insurance market by 2045.
Liberty Mutual Insurance has announced plans to sell its operations in Thailand and Vietnam to Chubb Limited, with finalization expected by mid-2025 for Thailand and in 2026 for Vietnam, pending regulatory approvals. The deal involves LMG Insurance, a leading insurer in Thailand, and Liberty Insurance, the top foreign retail motor insurer in Vietnam, focusing primarily on motor insurance and additional property casualty products.
This divestiture allows Liberty Mutual to concentrate on its Asia Pacific strategy, aiming to capitalize on growth within the region, which is anticipated to become the largest property and casualty insurance market by 2045. The company will retain operations in Australia, China, and several other Asian markets.
Liberty Mutual President Tim Sweeney noted that while Thailand and Vietnam have strong potential, the transaction aligns their operations with Chubb, which has the resources to further develop these markets. Goldman Sachs and Baker McKenzie provided advisory services for the transaction.
Source : Liberty Mutual Insurance Agrees to Sell Thailand and Vietnam Operations to Chubb
