Chubb Group has agreed to acquire Liberty Mutual's insurance business in Thailand and Vietnam, expanding further into the non-life insurance sector, in addition to the life insurance sector.
Chubb acquires Liberty Mutual's Thailand and Vietnam businesses, increasing its presence in Southeast Asia - Photo: Chubb
Chubb Corporation (stock code CB, listed on the NYSE - USA) has just announced information about officially reaching an agreement to acquire Liberty Mutual's insurance businesses in Thailand and Vietnam.
Acquisition of Liberty Mutual in Thailand and Vietnam
Regarding the two acquired companies - LMG Insurance in Thailand and Liberty Insurance in Vietnam, both provide a range of consumer and commercial P&C (property and casualty) products.
Specifically, it includes auto insurance, accident-health insurance, fire/property insurance and industrial risk insurance. It can be seen that the above deal helps Chubb become stronger in the non-life segment.
The portfolio is combined with additional distribution through 56 branches, 2,600 brokers and agents, and 26 financial partners. The combined operations generated approximately $275 million in net written premiums last year, according to Chubb.
Although not disclosing terms of the deal, Chubb said the transactions are expected to close in the second quarter of 2025 (Thailand) and late 2025 or early 2026 (Vietnam).
Liberty Mutual drops multiple markets, Chubb increases presence in Asia
Liberty Mutual, founded in 1912 and headquartered in Boston, is the eighth largest property and casualty insurer in the world - based on 2023 gross written premiums.
In Vietnam, Liberty is one of the first foreign non-life insurance companies to appear on the market (in 2003), and was granted a license to establish and operate in 2006.
Before selling its businesses in Thailand and Vietnam, Liberty Mutual also made liquidation moves in many areas.
Notably last year, Liberty Mutual sold a group of European businesses to Assicurazioni Generali SpA for about $2.5 billion, pulling out of non-core markets.
Meanwhile, Chubb was founded in 1792, becoming one of the world's leading insurance companies, operating in 54 countries and territories.
Parent company Chubb Limited is listed on the New York Stock Exchange and is a component of the S&P 500 index. It employs approximately 43,000 people worldwide. In Vietnam, Chubb sells both life and non-life insurance.
In recent years, Chubb has been steadily increasing its presence in Asia. Typically, in 2022, it acquired Cigna Group's life, accident and supplemental insurance businesses in seven regions, for more than $5 billion, thereby boosting its presence and strengthening its business in the Asia- Pacific region.
Source: https://tuoitre.vn/chubb-thau-tom-bao-hiem-liberty-mutual-thai-lan-va-viet-nam-20250304110256305.htm
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