Liberty Mutual Insurance Group today announced the company’s entry into Malaysia’s $4.6 billion non-life insurance market with its planned acquisition of Uni.Asia Capital Sdn Bhd’s 68.09% stake in Uni.Asia General Insurance Berhad (Uni.Asia General) for approximately $113 million. The transaction is subject to Malaysian regulatory approval and is expected to be completed by mid-summer 2014.
Uni.Asia General ranks as the 14th largest non-life insurer in Malaysia with nearly $143 million in gross written premium for the financial year ending March 31, 2013. The company, which specializes in private passenger automobile insurance and fire insurance for homes, features multiple distribution channels through agents, brokers, banks and car dealers.
''The addition of Uni.Asia will allow Liberty Mutual to compete in Malaysia’s growing and profitable insurance market while providing a strategic complement to our existing operations in Southeast Asia,” said David H. Long, Liberty Mutual Insurance Group Chairman and Chief Executive Officer.
The acquisition in Malaysia will add to Liberty Mutual Insurance's current international presence in 29 countries spread across Asia, Latin America and Europe through the company's International and Global Specialty strategic business units.
Liberty Mutual's International local business operations offer insurance to individuals and businesses in Thailand, Singapore, India, China (including Hong Kong), Vietnam, Venezuela, Brazil, Ecuador, Colombia, Argentina, Chile, Spain, Portugal, Turkey, Poland, the United Kingdom, Ireland and Russia. Private passenger automobile insurance is the single largest line of business for Liberty Mutual's International strategic business unit, which insures more than 6.3 million autos worldwide.
About Liberty Mutual Insurance Group
"Helping people live safer, more secure lives" since 1912, Boston-based Liberty Mutual Insurance is a diversified global insurer and the third largest property and casualty insurer in the U.S. based on 2012 direct premiums written as reported by the National Association of Insurance Commissioners.
Liberty Mutual Insurance also ranks 81st on the Fortune 100 list of largest corporations in the U.S. based on 2012 revenue. As of December 31, 2012, Liberty Mutual Insurance had $120.1 billion in consolidated assets, $101.5 billion in consolidated liabilities, and $36.9 billion in annual consolidated revenue.
Liberty Mutual Insurance offers a wide range of insurance products and services, including personal automobile, homeowners, workers compensation, property, commercial automobile, general liability, global specialty, group disability, reinsurance and surety. Liberty Mutual Insurance (www.libertymutualinsurance.com) employs more than 50,000 people in approximately 900 offices throughout the world.
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Adrianne Kaufmann, 617-574-5983