Liberty Mutual Insurance acquires Malaysian insurer AmGeneral

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Liberty Mutual Insurance has completed the acquisition of Malaysian insurer AmGeneral Insurance Berhad, which is expected to make Liberty Mutual the country’s largest auto insurer.

AmGeneral was previously 51% owned by AmBank Group and 49% by Insurance Australia Group. Liberty Insurance Berhad acquired 100% of the shares of AmGeneral, and AmBank continues to hold a 30% stake in the company through the shares it received under the agreement.

As part of the transaction, which was first announced in July 2021, the future merged entity will enter into a 20-year exclusive bancassurance partnership with AmBank to distribute general insurance products. The businesses of AmGeneral and Liberty Insurance Berhad will be formally merged at a later date, at which time the combined entity is expected to become the largest motor insurer and one of the leading general insurers in Malaysia.

“The acquisition and subsequent merger with AmGeneral is instrumental in our aspiration to become a leading global property and casualty insurance company,” said Jim MacPhee, president, Global Retail Markets at Liberty Mutual Insurance.

“Together, we will help people embrace today and confidently pursue tomorrow so that individuals and businesses in Malaysia grow and win together. The combination of Liberty’s global capabilities with the strong team leading a highly respected AmGeneral franchise and appreciated will create a premier insurance operation,” added MacPhee.

AmGeneral serves the Malaysian insurance market through approximately 1,400 employees in 33 branches. A top three auto insurer with 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, automotive dealerships, franchisees and affinity partners, and its growing digital and direct capabilities.

Source: Liberty Mutual Insurance

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