Liberty Mutual Insurance has announced the sale of personal and small commercial operations in Western Europe to Generali Group for €2.3 billion.
The transaction includes Liberty Seguros operations in Ireland, Northern Ireland, Portugal and Spain.
Liberty Mutual said its other European operations, including Liberty Specialty Markets, Liberty Mutual Reinsurance, Liberty Mutual Surety, Liberty IT and Hughes Insurance, are not included in this transaction and will continue to operate in their respective markets.
Liberty Mutual President and Chief Executive Officer, Tim Sweeney, said employees have done a tremendous job serving customers, brokers, agents, partners and communities -- building a respected and profitable business.
"They will be a strong addition to Generali, a leading global insurer with a strategic and adept business model," Mr Sweeney said.
"This decision further helps Liberty Mutual sharpen our operational focus to deliver exceptional value across our channels, products and markets. We're grateful to our employees for their many years of hard work and are confident in their future success with Generali."
Liberty Seguros is Liberty Mutual's largest operation outside of the US with premiums of €1.2 billion in 2022, nearly 1,700 employees and branches throughout the Western European market.
Generali is one of the largest global insurance and asset management providers with a presence in over 50 countries and a total premium income of €81.5 billion in 2022.
Bank of America Securities acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP provided legal advice to Liberty Mutual in the transaction.
