Liberty Mutual Group announced that it has concluded the acquisition process by its Spanish subsidiary, Liberty Insurance, of MetLife’s Spanish operations, including its non-life subsidiary, Genesis Seguros Generales, S.A., and its life subsidiary, Seguros Genesis, S.A.
The companies offer auto and homeowners insurance as well as individual life insurance and retirement savings products. The acquisition places Liberty Mutual as the second largest direct auto writer in the Spanish market, significantly enhances its life business and consolidates a very favorable position with valuable institutional partners in Spain and Portugal.
The MetLife acquisition is Liberty’s third purchase of a Spanish company in recent years. In 2001 it acquired the Spanish operations of The Hartford Financial Services Group and those of the U.K.’s Royal & Sun Alliance.
Liberty’s international operations are managed through its strategic business unit, Liberty International, which now operates in the following 17 countries: Argentina, Australia, Brazil, Canada, China, Colombia, France, Germany, Hong Kong, Ireland, Portugal, Singapore, Spain, Thailand, United Kingdom, Venezuela and Vietnam. Liberty International has grown its total premiums from $190 million in 1994 to $4 billion in 2003.
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