Generali completes the acquisition of Liberty Seguros from Liberty Mutual
31 January 2024 - 18:34
- The transaction, announced in June 2023, is Generali’s largest deal in a decade
Milan – Generali announces that it has completed the acquisition of Liberty Seguros, Compañia de Seguros y Reaseguros, S.A., a Spanish insurance company operating in Spain, Portugal, Ireland and Northern Ireland, from Liberty Mutual. The agreement for the transaction was announced on 15 June 2023.
The deal is fully aligned with Generali's "Lifetime Partner 24: Driving Growth" strategy and aims to improve the Group's earnings profile, boost the P&C business, and strengthen its leadership position in Europe.
Following the closing of the transaction, the new board of directors of Liberty Seguros has appointed Carlos Escudero as the new CEO and Pedro Carvalho as Branch Manager of Liberty Seguros' branch in Portugal1.
Jaime Anchústegui Melgarejo, International CEO of Generali, said: “The completion of the Liberty Seguros acquisition marks the beginning of a new chapter for Generali, consolidating our leadership position in Spain and Portugal, two key markets for our Group, and giving us the opportunity to enter the Irish market with a top 10 market share in P&C. The complementary fit of both Liberty Seguros and Generali’s operations will allow us to continue to grow sustainably, strengthen our distribution capabilities through professional brokers and agents, bancassurance and the direct channel, as well as to enhance our customer offering thanks to an expanded product range.”
1Subject to regulatory approval.