Generali Buys Liberty Mutual Europe Assets for €2.3 Billion (1)

Assicurazioni Generali SpA has agreed to acquire a group of European businesses from US insurer Liberty Mutual Holding Co. for €2.3 billion ($2.5 billion), as part of its plan to expand in non-life insurance.

Liberty Mutual announced the sale of its Liberty Seguros subsidiary in a statement on Thursday that confirmed an earlier Bloomberg News report. Generali beat out other large European insurers to acquire the asset, which includes businesses in Spain and Portugal, Ireland and Northern Ireland.

“Generali is acquiring a profitable insurance business in three growing European markets with very attractive characteristics, that will create significant long ...