Chubb has agreed to acquire Liberty Mutual’s insurance businesses in Thailand and Vietnam, which include property and casualty consumer and commercial assets.
Liberty Mutual said the deal includes LMG Insurance Public Co., a top 10 motor and non-life insurer in Thailand. It also covers Liberty Insurance Ltd., Vietnam’s leading foreign retail motor insurer.
Motor insurance makes up most of each company’s written premiums, with both also offering accident, health, and other P/C products through multiple distribution channels, according to Liberty Mutual.
Chubb said the acquisition includes a range of consumer and commercial P/C products, such as automotive, accident and health, and non-motor insurance. The portfolio covers fire, property, and industrial all-risk lines.
The acquired businesses bring complementary distribution through 56 branches, 2,600 brokers and agents, and 26 finance partners. Combined, they generated about $275 mn in net premiums written in 2024.
Liberty Mutual said the sale allows it to focus its Asia-Pacific portfolio on the largest growth opportunities in a market projected to be the world’s biggest P/C sector by 2045. It will continue operating in Australia, China, Malaysia, Hong Kong, Singapore, and India.
Chubb expects to complete the Thailand acquisition by the second quarter of 2025 and the Vietnam deal by late 2025 or early 2026, subject to regulatory approvals and closing conditions. Liberty Mutual also expects the Thailand deal to close in the second quarter of 2025 and the Vietnam deal in 2026.
Thailand and Vietnam are strong businesses with significant potential. This transaction aligns them with an organization committed to developing these markets
Liberty Mutual President and CEO Tim Sweeney
Earlier, Liberty Mutual announced plans to create a new international insurance division by merging its Asia businesses and restructuring its global surety model. The changes are part of its Global Risk Solutions strategy to expand commercial and specialty (re)insurance and international operations.
The company is launching Liberty International Insurance to market products in Asia-Pacific, Europe, Latin America, the United Kingdom, and the Middle East and North Africa. The division will operate under existing brands, including Liberty Specialty Markets and Liberty Insurance.
