(Finance) – General has completed the acquisition of Liberty Seguros, Compania de Seguros y Reaseguros, a Spanish insurance company operating in Spain, Portugal, Ireland and Northern Ireland, from Liberty Mutual. The transaction was announced on June 15, 2023.
The operation is fully in line with Generali’s “Lifetime Partner 24: Driving Growth” strategic plan and will allow it to improve the Group’s earnings profile, strengthen its P&C business and strengthen its leadership in Europe.
Following the closing of the transaction, the new Board of Directors of Liberty Seguros appointed Carlos Escudero as new CEO and Pedro Carvalho as Branch Manager of the Liberty Seguros branch in Portugal.
Jaime Anchústegui Melgarejo, CEO International of Generalicommented: “The completion of the acquisition of Liberty Seguros marks the beginning of a new chapter for the Group, consolidating our leadership position in Spain and Portugal, two strategic markets for us, and entering the Irish market with a market share that sees us among the top ten operators in the P&C sector. The complementarity of the activities of Liberty Seguros and Generali will allow us to continue to grow sustainably and strengthen
our distribution capabilities through brokers and agents, bancassurance and through the direct channel, as well as improving our offering to customers through a broader range of products.”