Kuala Lumpur (20 July 2021) – Liberty Mutual will be applying for regulatory approval to  acquire Malaysian insurer AmGeneral Insurance Berhad (AmGeneral). AmGeneral is  currently 51%-owned by AmBank Group and 49%-owned by Insurance Australia Group  (IAG). Subject to receiving appropriate regulatory approvals, Liberty Insurance Berhad will  acquire 100% shares of AmGeneral, and AmBank Group’s share of the sale proceeds will  be in the form of cash and consideration shares, which will result in AmBank Group holding  a 30% interest in the Liberty Insurance Berhad and AmGeneral businesses. The  AmGeneral and Liberty Insurance Berhad operations will, at a subsequent date, be  formally merged. Following the merger, it is expected that the combined entity will become  the largest motor insurer and second-largest general insurer in Malaysia based off of 2020  data. 

As part of the transaction, the prospective merged entity will enter into an exclusive 20-year  bancassurance partnership with AmBank Group to distribute general insurance  products. “Expanding and investing in international insurance markets is instrumental in our  aspiration to become a leading global property and casualty insurance company,” said  Liberty Mutual’s Global Retail Markets East President & COO, Matt Nickerson. “Liberty  Mutual’s mission to help people embrace today and confidently pursue tomorrow is well  aligned with AmBank’s mission to help individuals and businesses in Malaysia grow and  win together. Combining Liberty’s global capabilities with AmGeneral’s leading market  share in motor and a growing business in additional product lines will create a best-in-class  insurance operation.” 

AmGeneral serves the Malaysian insurance market through approximately 1,400  employees at 33 branch locations. A top three motor insurer with a growing business in  additional product lines, the company distributes its personal and commercial insurance  products under the AmAssurance and Kurnia brands through more than 6,000 agents,  brokers, car dealers, franchises and affinity partners, and its fast-growing digital and direct  capabilities. 

Citigroup, Inc. acted as financial advisor to Liberty Mutual in the transaction.

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