Liberty Mutual Insurance has completed the acquisition of Malaysian insurer AmGeneral Insurance Berhad, making Liberty Mutual the country’s largest auto insurer.
AmGeneral was previously 51% owned by AmBank Group and 49% by Insurance Australia Group. Liberty Insurance Berhad acquired 100% of the shares of AmGeneral and AmBank will continue to hold a 30% stake in the company through the shares it received as part of the deal.
As part of the transaction, first announced in July 2021, the future merged entity will enter into an exclusive 20-year bancassurance partnership with AmBank to distribute non-life insurance products. The AmGeneral and Liberty Insurance Berhad businesses will be formally merged at a later date, after which the combined entity is expected to become the largest motor insurer and a leading general insurer in Malaysia.
“The acquisition of and subsequent merger with AmGeneral is essential in our quest to become a leading global non-life insurance company,” said Jim MacPhee, president of Global Retail Markets at Liberty Mutual Insurance.
“Together, we will help people embrace today and confidently pursue tomorrow so that individuals and businesses in Malaysia grow and win together. Combining Liberty’s global capabilities with the strong team driving a respected and valued AmGeneral franchise creates a best-in-class insurance business,” added MacPhee.
AmGeneral serves the Malaysian insurance market with approximately 1,400 employees at 33 locations. The company, a top three auto insurer with a growing business in additional product lines, distributes its personal and commercial insurance products under the AmAssurance and Kurnia brands through more than 6,000 agents, brokers, auto dealers, franchises and affinity partners, and its fast-growing digital and instant capabilities .
Source: Liberty Mutual Insurance
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