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

  • 📰 IrishTimesBiz
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 77%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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
Source: IrishTimesBiz - 🏆 6. / 77 Read more »