Liberty Mutual Group is adding to its operations in Spain by purchasing Royal & Sun Alliance’s property and casualty and life insurance operations in the country.
The purchase will expand Liberty Mutual Group’s Spanish base, which began when its subsidiary Liberty International obtained Liberty Seguros, a personal property and casualty and life insurance company, from The Hartford Financial Services Group back in February.
As part of the deal, Liberty Mutual will obtain Royal & Sun Alliance’s Spanish company, Royal & Sun Alliance Spain, the product of an ongoing merger of Royal & Sun Alliance’s companies which underwrite personal auto, homeowners and life insurance in the Spanish market.
The purchase price of the acquisition is nearly $188 million U.S. dollars, with the deal expected to be finalized by the end of the year, subject to regulatory approval.
Edmund Kelly, chairman, president and CEO of Liberty Mutual Group noted that the purchase builds on the company’s competitive base in Spain by offering a strong strategic and operational fit with Liberty Seguros.
Liberty International offers products and services in Argentina, Australia, Bermuda, Brazil, Canada, Colombia, Hong Kong, Ireland, Japan, Singapore, Thailand, the U.K. and Venezuela.
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