Insurer Zurich in talks to buy Liberty’s Irish and Iberian business

📆 08/02/2023 07:30:00
📰 IrishTimesBiz

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Zurich Insurance Group is in talks to acquire Liberty Mutual’s businesses in Ireland, Spain and Portugal in a deal that may be worth more than €1 billion, according to sources.

Liberty’s Irish operation was subsumed into Madrid-based Liberty Seguros in 2018, leaving it as a branch of the Spanish company.

Liberty recorded €825 million premiums in Spain and wrote €235 million of business in Portugal in 2021. It had almost 550 employees on the island of Ireland, and a further 1,250 workers on the Iberian peninsula. Its bid to increase its exposure to the Republic follows a number of reforms aimed at reducing volatility and coverage costs in a historically highly volatile market, even by the cyclical nature of insurance internationally.

Meanwhile, the Central Bank of Ireland imposed a ban last July on the previously widespread practice of motor and home insurers increasing premiums for loyal customers by stealth.

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Zurich in talks to buy Liberty’s Irish and Iberian businessLiberty assets were put up for sale last year with price tag of more than €1bn via IrishTimesBiz
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