(Bloomberg) --Chubb Ltd. agreed to acquire Liberty Mutual Holding Co.'s businesses in Thailand and Vietnam in a deal that would help it boost its presence in Southeast Asia.
Chubb plans to buy LMG Insurance Public Co. in Thailand and Liberty Insurance Ltd. in Vietnam, according to a statement on Monday, which confirmed an earlier report by Bloomberg News. The businesses offer insurance services including automotive, accident & health, and other non-motor insurance such as fire, property and industrial.
The deal, the terms of which were not disclosed, includes 56 distribution branches, 2,600 brokers and agents and 26 finance partners, according to the statement. The combined operations produced about $275 million in net premiums written in 2024. The transaction in Thailand is expected to be completed by the second quarter, while the one in Vietnam may close by either later this year or early next, pending regulatory and other customary approvals.
Liberty Mutual had been considering selling its Thai and Vietnamese assets as it seeks to streamline its operations, Bloomberg News
A move to sell its Thailand and Vietnam units would follow other previous disposals from Liberty Mutual globally. Last year, the US insurer sold a group of European businesses to Assicurazioni Generali SpA for around $2.5 billion as part of its efforts to exit non-core markets and bulk up in US property and casualty insurance.
Chubb has in recent years been boosting its presence in Asia. In 2022, it
