• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Contact Us
  • Sponsor An Email
  • Post A Job
  • Merger & Acquisition Services

Agency Checklists

Massachusetts Insurance News & More

You are here: Home / Insurance News | Massachusetts / Insurers | News / Liberty Mutual Insurance Seeks to Acquire Malaysian Insurer AmGeneral

Liberty Mutual Insurance Seeks to Acquire Malaysian Insurer AmGeneral

July 20, 2021 by AC Editor

Upon completion, the expected acquisition will make Liberty Mutual the largest auto insurer in Malaysia.


On the heels of last week’s announcement of its acquisition of State Auto, rendering it the second-largest independent agency carrier in the country, this week Liberty Mutual sets its sites on Malaysia. More specifically, the Boston-based insurer has announced that it will be applying for regulatory approval to acquire the Malaysain insurer AmGeneral Insurance Berhad (AmGeneral). AM General’s ownership currently is split between AmBank Group which owns 51% and Insurance Australia Group (IAG) which has the remaining 49%-ownership.

According to the terms of the deal, Liberty Insurance Berhad will acquire 100% shares of AmGeneral with AmBank Group’s share of the sale proceeds paid in the form of cash and consideration shares. As a result, AmBank Group will hold a 30% interest in the Liberty Insurance Berhad and AmGeneral businesses after completion of the sale.  Ultimately, it is expected that the AmGeneral and Liberty Insurance Berhad operations will formally merge at a later date. As part of the transaction, the proposed merged entity also will enter “…into an exclusive 20-year bancassurance partnership with AmBank Group to distribute general insurance products.”

As a result of this merger, the newly created company is expected to become both the largest auto insurer and the second-largest P&C insurer in Malaysia.

“Expanding and investing in international insurance markets is instrumental in our aspiration to become a leading global property and casualty insurance company,” said Liberty Mutual President, Global Retail Markets, Jim MacPhee. “Liberty Mutual’s mission to help people embrace today and confidently pursue tomorrow is well aligned with AmBank’s mission to help individuals and businesses in Malaysia grow and win together. Combining Liberty’s global capabilities with AmGeneral’s leading market share in auto and a growing business in additional product lines will create a best-in-class insurance operation.” 

More about AmGeneral

AmGeneral serves the Malaysian insurance market through approximately 1,400 employees at 33 branch locations. A top three motor insurer with a growing business in additional product lines, the company distributes its personal and commercial insurance products under the AmAssurance and Kurnia brands through more than 6,000 agents, brokers, car dealers, franchises and affinity partners, and its fast-growing digital and direct capabilities. 

Print Friendly, PDF & Email

Filed Under: Insurers | News, Latest News Tagged With: Agency Checklists, Liberty Mutual in Massachusetts, ma insurance news, massachusetts insurance news, New England Insurance News

Primary Sidebar

Sponsored

Sponsored

Latest Agency Sales

Patriot Growth Adds Two Employee Benefit Agencies in Massachusetts

Cross Insurance Acquires Two More Massachusetts Insurance Agencies & Opens A New Office in Newburyport

Q1-2022 Sees A Decline in U.S. Mergers & Acquisitions Activity

Insurance Agency Mergers & Acquisitions in Mass. | Q1-2022

Insurance Agency Mergers & Acquisitions in Mass. | Q1-2022

More Agency Sales

Career News

Two New Appointments At Preferred Mutual

Agency Checklists, MA Insurance News, Mass. Insurance News, MA Life Insurance Companies, Boston Mutual

Boston Mutual Life Insurance Company Appoints David Martin as Vice President and Chief Information Officer

Satellite Agency Network

SAN Group Announces Recipients of 2022 SAN Awards

Alera Group Expands Northeast Regional Leadership Team

A.I.M. Mutual Elects Daniel A. Landers President & Chief Executive Officer

A.I.M. Mutual Elects Daniel A. Landers President & Chief Executive Officer

In Memoriam

In Memoriam: Daniel Rizzo, 1937-2022

In Memoriam: Bruce MacDonald 1935-2022

In Memoriam: Bruce MacDonald 1935-2022

In Memoriam: William "Bill" Carter, Jr. 1932-2022

In Memoriam: William “Bill” Carter, Jr. 1932-2022

CAR News

17 Bullet Points on The New Insurance Labor Rate Report

2nd Look 2022: The Massachusetts Private Passenger Auto Insurance Marketplace

2nd Look 2022: The Commercial Auto Insurance Marketplace in Massachusetts

1st Look 2022: The Commercial Auto Insurance Marketplace in Massachusetts

View More CAR News

Massachusetts Law Updates

Front view of the Quincy Mass. Masonic Temple with Roman Columns

Confused Voicemail Leads to E&O and Coverage Suits

SJC Construed For 1st Time Meaning of “Doing Business As” In Relation to CGL Coverage.

5 Points On New Ruling: Unreasonable Storage Reduces ACV Payment

A short opinion with a disproportionate impact on first-party property damage total loss claims.

Agency Checklist article on COVID-19 Closings in Massachusetts

First State High-Court COVID-19 Decision On Business Interruption Claims

Dismissed by Superior Court, the restaurants took their appeal directly to the SJC.

Vermont Mutual Asks High Court to Reverse Decision $215,000 Attorney Fee Award Payable As Damages under Bodily Injury Coverage

An unusual case involving a breach of warranty claim under Chapter 93A and whether mandatory attorney fee awards apply.

More Mass. Law Updates

DOI News

The 2022 MA Home Insurance Report Part II | MA FAIR Plan Review

The 2022 MA Home Insurance Report | Part I

Mass. Business Entity License Renewals on Hold

DOI Fines Producer $1,250 For Prior Failures To Report After License Lapses

View More DOI News

Insurance Fraud

Quinn Group Ins. Owner’s Trial to Begin on Federal Benefit and Social Security Fraud Today

First Guilty Plea in No-Fault PIP Auto Insurance Fraud Scheme

GM Financial Will Pay Over $1.8 Million For GAP Coverage Refunds and Loan Violations

Insurance Agency To Pay $100,000 Fine And $515,000 In Restitution Under Consent Decree

More Insurance Fraud News

Footer

Agency Checklists

About us
Contact us

14 Summer Street
Suite 102
Malden, MA 02148
617-598-3800

Advertise on Agency Checklists

We offer a variety of ways to get help promote your company or product.

Announcements
Email Sponsorships
Partnerships
Custom Collaborations

*Affiliate Disclosure

Please note that any of Agency Checklists’ articles might contain one or more affiliate links. This means that any subsequent purchase resulting from these links may result in a commission for us, but at no additional cost to you. For example, as an Amazon Associate, Agency Checklists earns a commission from all qualifying purchases. By working with affiliates we can continue to keep Agency Checklists subscription free. Thank you for your support.

SEARCH OUR SITE

Explore Our Archives

Copyright © 2022 · Agency Checklists · All rights reserved.

 

Loading Comments...