Liberty Mutual Insurance Group has announced the company’s entry into Malaysia’s $4.6 billion non-life insurance market with its planned acquisition of Uni.Asia Capital Sdn Bhd’s 68.09 percent stake in Uni.Asia General Insurance Berhad (Uni.Asia General) for approximately $113 million.
The transaction is subject to Malaysian regulatory approval and is expected to be completed by mid-summer 2014.
Liberty said: “Uni.Asia General ranks as the 14th largest non-life insurer in Malaysia with nearly $143 million in gross written premium for the financial year ending March 31, 2013. The company, which specializes in private passenger automobile insurance and fire insurance for homes, features multiple distribution channels through agents, brokers, banks and car dealers.”
Liberty’s Group Chairman and CEO David H. Long pointed out: “The addition of Uni.Asia will allow Liberty Mutual to compete in Malaysia’s growing and profitable insurance market while providing a strategic complement to our existing operations in Southeast Asia.
In addition the company said the acquisition in Malaysia “will add to Liberty Mutual Insurance’s current international presence in 29 countries spread across Asia, Latin America and Europe through the company’s International and Global Specialty strategic business units.
“Liberty Mutual’s International local business operations offer insurance to individuals and businesses in Thailand, Singapore, India, China (including Hong Kong), Vietnam, Venezuela, Brazil, Ecuador, Colombia, Argentina, Chile, Spain, Portugal, Turkey, Poland, the United Kingdom, Ireland and Russia. Private passenger automobile insurance is the single largest line of business for Liberty Mutual’s International strategic business unit, which insures more than 6.3 million autos worldwide.
Source: Liberty Mutual Insurance Group