M&A Deal Summary

Liberty Mutual Group Acquires AmGeneral Insurance

On July 19, 2021, Liberty Mutual Group acquired insurance company AmGeneral Insurance from Ammb Holdings and IAG

Acquisition Highlights
  • This is Liberty Mutual Group’s 11th transaction in the Insurance sector.
  • This is Liberty Mutual Group’s 1st transaction in Malaysia.

M&A Deal Summary
Date 2021-07-19
Target AmGeneral Insurance
Sector Insurance
Buyer(s) Liberty Mutual Group
Sellers(s) Ammb Holdings
IAG
Deal Type Divestiture

Target

AmGeneral Insurance

Kuala Lumpur, Malaysia
AmGeneral Insurance is a motor and general insurance company with more than four million policyholders nationwide. The company generates business through a comprehensive range of general insurance solutions which are distributed through a wide-reaching network of customer service centres, agents and dealers, as well as through AmBank’s branches nationwide. AmGeneral Insurance is based in Kuala Lumpur, Malaysia.

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Buyer(S) 1

Buyer

Liberty Mutual Group

Boston, Massachusetts, United States
Category Company
Founded 1912
Sector Insurance
Employees50,000
DESCRIPTION
Liberty Mutual office in Charlotte, North Carolina.
Liberty Mutual office in Charlotte, North Carolina.

Liberty Mutual Group is an insurance company. Liberty offers a wide range of insurance products and services, including personal automobile, homeowners, accident & health, commercial automobile, general liability, property, surety, workers compensation, group disability, group life, specialty lines, reinsurance, individual life and annuity products. Liberty Mutual was formed in 1912 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 11 of 11
Sector (Insurance) 11 of 11
Type (Divestiture) 5 of 5
Country (Malaysia) 1 of 1
Year (2021) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-12 State Auto Financial

Columbus, Ohio, United States

State Auto Financial is a regional property and casualty insurance holding company that markets its insurance products throughout the United States, through independent insurance agencies, which include retail agencies and wholesale brokers. State Auto Financial was founded in 1990 and is based in Columbus, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-31 Liberty Seguros

Madrid, Spain

Liberty Seguros is a provider of non-life insurance and reinsurance products and services. Liberty Seguros was founded in 1966 and is based in Madrid, Spain.

Sell -

Seller(S) 2

SELLER

Ammb Holdings

Kuala Lumpur, Malaysia
Category Company
Sector Financial Services
Revenue 4.5B MYR (2024)
DESCRIPTION

AmBank Group is a financial services group providing services in wholesale banking, retail banking, business banking, investment banking and related financial services which include Islamic banking, underwriting of general insurance, life insurance, family takaful, stock and share broking, futures broking, investment advisory and asset management services in unit trusts and real estate investment trusts. Ammb Holdings is based in Kuala Lumpur, Malaysia.

DEAL STATS #
Overall 2 of 2
Sector (Insurance) 2 of 2
Type (Divestiture) 1 of 1
Country (Malaysia) 2 of 2
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-19 AmLife Insurance Bhd

Kuala Lumpur, Malaysia

AmLife Insurance Bhd provides insurance services.

Sell $256M
SELLER

IAG

Sydney, Australia
Category Company
Founded 1920
Sector Insurance
Employees13,500
Revenue 10.2B AUD (2023)
DESCRIPTION

IAG is the parent company of a general insurance group with controlled operations in Australia, New Zealand, Thailand and Vietnam, employing over 13,500 people. Insurance Australia Group was founded in 1920 and is based in Sydney, Australia.

DEAL STATS #
Overall 2 of 2
Sector (Insurance) 2 of 2
Type (Divestiture) 2 of 2
Country (Malaysia) 1 of 1
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-16 Wesfarmers - Insurance Underwriting Business

Australia

Wesfarmers Insurance Underwriting include Lumley and WFI in Australia and New Zealand along with a 10 year distribution agreement for Coles insurance.

Buy AU$1.8B
Mergr

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