Liberty Mutual coverage group has introduced the company’s
access into Malaysia’s $4.6 billion non-lifestyles insurance market with its
planned acquisition of Uni.Asia Capital Sdn Bhd’s 68.09 percent stake in
Uni.Asia wellknown coverage Berhad (Uni.Asia standard) for approximately $113
million.
The transaction is challenge to Malaysian regulatory
approval and is predicted to be completed through mid-summer 2014.
Liberty stated:
“Uni.Asia general ranks as the 14th largest non-existence insurer in Malaysia
with almost $143 million in gross written top class for the financial 12 months
finishing March 31, 2013. The agency, which specializes in private
passenger car insurance and fireplace coverage for homes, capabilities more
than one distribution channels via sellers, agents, banks and automobile
sellers.”
Liberty’s group
Chairman and CEO David H. lengthy pointed out: “The addition of Uni.Asia will
permit Liberty Mutual to compete in Malaysia’s
developing and profitable coverage market whilst offering a strategic
complement to our existing operations in Southeast Asia.
further the organisation said the acquisition in Malaysia
“will upload to Liberty Mutual coverage’s present day international presence in
29 international locations spread across Asia, Latin the
usa and Europe
thru the employer’s global and worldwide area of expertise strategic commercial
enterprise units.
“Liberty Mutual’s global neighborhood business operations
offer insurance to people and groups in Thailand,
Singapore, India,
China (which
include Hong Kong), Vietnam,
Venezuela, Brazil,
Ecuador, Colombia,
Argentina, Chile,
Spain, Portugal,
Turkey, Poland,
the UK, eire
and Russia. private passenger car coverage is the single
biggest line of commercial enterprise for Liberty Mutual’s worldwide strategic
business unit, which insures extra than 6.three million vehicles global.
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