Liberty Mutual Insurance is selling its largest business outside of the US to Generali Group for €2.3 billion ($2.5 billion).

Headquartered in Madrid, personal lines and small commercial insurance provider Liberty Seguros, S.A. employs nearly 1,700 people across branches in Spain, Portugal, Ireland, and the UK’s Northern Ireland. In 2022, the international subsidiary’s premiums amounted to €1.2 billion.

In a release, Liberty Mutual president and chief executive Tim Sweeney said: “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.

“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.”

With a presence in more than 50 countries, Generali is manned by 82,000 colleagues. The group’s total premium income in 2022 stood at €81.5 billion. Meanwhile Liberty Mutual, which trades in around 30 countries and economies, will retain its other European operations including Liberty Specialty Markets.

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