Italian insurance giant Generali buys Liberty Mutual’s Irish arm

US based Liberty Mutual Insurance has announced the sale of its personal and small business operations in Western Europe, including Liberty Insurance in Ireland to Generali Group.

The Irish unit is being sold as part of a wider deal worth €2.3bn.

A sale has been heavily flagged since last year. Liberty Mutual entered the Irish market in 2011 through an acquisition of parts of the former Quinn Insurance and offers personal car and home insurance there, as well as business products.

A sale should not have any impact on individual policies or cover.

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The transaction, which remains subject to regulatory clearance, will include Liberty Seguros’ operations in Ireland, Northern Ireland, Portugal and Spain. Liberty Mutual’s other European operations are not included in this transaction and will continue to operate in their respective markets.

“Our dedicated Liberty Seguros employees have done a tremendous job serving our customers, brokers, agents, partners and communities – building a highly respected and profitable business. They will be a strong addition to Generali, a leading global insurer with a strategic and adept business model,” said Liberty Mutual President and Chief Executive Officer Tim Sweeney.

"This decision further helps Liberty Mutual sharpen our operational focus to deliver exceptional value across our channels, products and markets. We’re grateful to our employees for their many years of hard work and are confident in their future success with Generali.”

Boston-based Liberty Mutual has been working with Bank of America on the planned disposals, which form part of a wider plan to ditch non-core markets and bulk up in the US. Generali is Italy’s biggest insurer and one of the largest in the world but with a much lower profile in Ireland than rivals like Axa, Allianz and Zurich.