Liberty Mutual Insurance has acquired Malaysian insurer AmGeneral Insurance Berhad (AmGeneral).
AmGeneral is a motor and general insurance company serving the Malaysian market, the company has underwriter RM1.52bn gross written premiums for the financial year 2021/2022.
AmGeneral was previously 51%-owned by AmBank and 49%-owned by Insurance Australia Group. Liberty Insurance Berhad has acquired 100% of the shares of AmGeneral, and AmBank continues to hold a 30% interest in the business through the consideration shares they received as part of the deal.
As part of the transaction, the prospective merged entity will enter into an exclusive 20-year bancassurance partnership with AmBank to distribute general insurance products.
The AmGeneral and Liberty Insurance Berhad operations will, at a subsequent date, be formally merged, at which time it is expected that the combined entity will become the largest auto insurer and a leading general insurer in Malaysia.
On a statement on its website, AMGeneral said, “We remain committed to providing the best services and protection to you and would like to assure you that there will be no changes to our business operations. There will be zero interruption or changes to your policy, our claims process, or our customer service. We will continue to serve you and fully honour all the terms of your policy.”
Jim MacPhee, Liberty Mutual president, global retail markets, said, “The acquisition of and subsequent merger with AmGeneral is instrumental in our aspiration to become a leading global property and casualty insurance company.
“Together, we will help people embrace today and confidently pursue tomorrow so that individuals and businesses in Malaysia grow and win together. Combining Liberty’s global capabilities with the strong team driving a well-respected and valued AmGeneral franchise will create a best-in-class insurance operation.”
This is the second of Liberty Mutual’s recent acquisitions. The company acquired certain technology assets of Insurance Portal Services (Fetch), which allows auto manufacturers and dealers integrate auto insurance.
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