The acquired companies offer a range of consumer and commercial P&C products, including automotive, accident & health, and non-motor insurance such as fire, property, and industrial all-risk. The acquisition includes a distribution network of 56 branches, 2,600 brokers and agents, and 26 finance partners.  

The combined operations generated approximately $275 million in net premiums written in 2024.  

The acquisition of LMG Insurance in Thailand is expected to close in the second quarter of this year, while the acquisition of Liberty Insurance in Vietnam is anticipated to close in late 2025 or early 2026, subject to regulatory approvals and customary closing conditions.  

Goldman Sachs served as financial advisor to Liberty Mutual, with legal counsel provided by Baker McKenzie, Thailand, and Baker & McKenzie (Vietnam) Ltd. The financial terms of the agreements were not disclosed.

For Chubb, the transaction represents an opportunity to enhance and expands its business.

Liberty states that the agreements enable it to focus on its portfolio in Asia Pacific, which the firm says is projected to be the largest P&C insurance market in the world by 2045.

The insurer emphasises that it will continue to execute on its strategy to capitalise on the “greatest opportunities in the region” via its remaining operations in Australia, China, Malaysia, Hong Kong, Singapore, and India.

Liberty Mutual President and Chief Executive Officer Tim Sweeney, commented: “Thailand and Vietnam are well-performing businesses with real potential, and this transaction aligns them with an organization that has the strategy and commitment to invest in the development of these markets.

“We are grateful to our teams who have been dedicated to serving the needs of our clients, brokers and partners in these markets.”