Kuala Lumpur, 1 August 2022 – Liberty Insurance Berhad (LIB), an owned subsidiary of Liberty Mutual Insurance (Liberty), has completed the deal to acquire AmGeneral Insurance Berhad (AmGeneral) following the receipt of regulatory approval in Malaysia and signing of the share sale and purchase agreement with AmBank Group (AmBank).
AmGeneral was previously 51%-owned by AmBank Group and 49%-owned by Insurance Australia Group (IAG). With deal completion, Liberty Insurance Berhad (LIB) has acquired 100% of the shares of AmGeneral, and AmBank Group’s share of the sale proceeds are in the form of cash and consideration shares, which results in AmBank Group holding a 30% interest in the Liberty Insurance Berhad and AmGeneral businesses.
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. The AmGeneral and Liberty Insurance Berhad operations will, at a subsequent date, be formally merged.
“This is an exciting moment for Liberty in Malaysia as we look to become the largest motor insurer and a leading general insurer in Malaysia,” said Defne Turkes, Liberty Mutual’s Global Retail Markets East President & Chief Operating Officer.
“We recognize the great value of the AmGeneral franchise and the strong team behind it. AmGeneral is skilled in managing a large motor insurance portfolio, has strong established relationships, and deeply entrenched brand value amongst customers and intermediaries.
“As we work toward integration, we will recognize the best insights and practices from both operations to co-create a better experience for our customers and business partners in terms of value, ease and access. I look forward to realizing all that we can accomplish together.”
