Liberty Mutual Insurance Group in Boston announced the company’s entry into Malaysia’s $4.6 billion non-life insurance market with its planned acquisition of a 68.9 percent stake in Uni.Asia General Insurance Berhad for approximately $113 million.
The transaction is subject to Malaysian regulatory approval and is expected to be completed by mid-summer 2014.
According to the announcement, 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.
“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,” said David H. Long, Liberty Mutual Insurance Group chairman and CEO.