Liberty Mutual Group (LMG) has bought the insurance operations of AGF Allianz Chile S.A. The buyer will rename the company Liberty Seguros, and offer a full range of property and casualty products for commercial and personal customers. The companies have notified regulatory authorities of the transaction, which is effective immediately. The purchase price is Euros 39 million (Us$47 million). Liberty Mutual Group already operates in Venezuela and Colombia, and has a presence in Brazil and Argentina.
“Chile is a very attractive market and this acquisition fits very well into our Latin American strategy,” explains Edmund F. Kelly, Liberty Mutual Group’s Chairman, President and CEO. “This is an opportunity to acquire a market leader with a reputation for quality service and innovation.”
Liberty Mutual Group’s international operations are managed through its strategic business unit, Liberty International. Liberty International provides insurance and reinsurance products and services in Argentina, Australia, Brazil, Canada, China, Colombia, France, Germany, Hong Kong, Ireland, Portugal, Singapore, Spain, Thailand, the United Kingdom, Venezuela and Vietnam.
Liberty International has increased its gross written premium from $190 million (U.S.) in 1994 to $4.0 billion (U.S.) in 2003. Liberty International provides its insurance products and services through wholly owned insurance companies in foreign countries, which provide mostly personal insurance products and services, and through Liberty International Underwriters (LIU), which provides specialty commercial lines of insurance worldwide, including casualty, specialty casualty, marine, energy, engineering and reinsurance.