US insurer, Liberty Mutual Holding Firm (LMHC), is exploring a sale of its companies in Spain, Portugal and Eire, in accordance with Bloomberg Information sources.
Individuals acquainted with the matter – who’ve requested to not be recognized as discussions are personal – have revealed that LMHC is working with Financial institution of America Corp. on the attainable divestments, which might fetch greater than $1 billion.
The property might entice curiosity from rival European insurers, the folks mentioned, including that talks are nonetheless in early levels and should not result in a transaction.
Bloomberg approached Liberty Mutual and Financial institution of America representatives for feedback however have declined to offer one.
Liberty Mutual would be part of different American friends who’ve bought non-core markets in Europe, the media firm famous. New York-based MetLife Inc. in July 2021 agreed to promote its European life insurance coverage operations for nearly $700 million to Dutch insurer NN Group NV to streamline its world enterprise.
The insurer sells the whole lot from property and casualty to life insurance coverage in Spain and Portugal by way of brokers, banks and associates, in accordance with its web site. The corporate entered Eire by way of an acquisition in 2011 and presents private automobile and residential insurance coverage there, in addition to enterprise merchandise.
It has additionally been bulking up in US property and casualty insurance coverage, together with buying State Auto Monetary Corp. at a price of about $2.3 billion earlier this yr, Bloomberg added. The corporate is owned by its policyholders and is without doubt one of the extra acquisitive insurers with that construction.