Liberty Mutual announced that its Liberty International unit would purchase Hartford Seguros, The Hartford Financial Services Group’s Spanish subsidiary, for an undisclosed amount.
The company, which will be renamed Liberty Seguros, had gross written premiums of $74.2 million during the first 9 months of 2000 from both p/c and Life insurance sales. It has 300 employees, mainly in its Bilbao headquarters.
The acquisition increases Liberty’s presence in Europe – it currently operates an Irish subsidiary – and gives it access to a fast growing market. Since its admission to the EU, Spain’s GDP has experienced rapid expansion, increasing the demand for all types of insurance products.
The sale by Hartford indicates a strategic shift in its international operations away from Europe, and towards expansion in Asian and Latin American markets.