(March 3): Chubb Ltd agreed to acquire Liberty Mutual Holding Co’s businesses in Thailand and Vietnam in a deal that would help it boost its presence in Southeast Asia.

Chubb plans to buy LMG Insurance Public Co in Thailand and Liberty Insurance Ltd in Vietnam, according to a statement on Monday, which confirmed an earlier report by Bloomberg News. The businesses offer insurance services including automotive, accident & health, and other non-motor insurance such as fire, property and industrial.

The deal, the terms of which were not disclosed, includes 56 distribution branches, 2,600 brokers and agents and 26 finance partners, according to the statement. The combined operations produced about US$275 million (RM1.22 billion) in net premiums written in 2024. The transaction in Thailand is expected to be completed by the second quarter while the one in Vietnam may close by either later this year or early next, pending regulatory and other customary approvals.

Liberty Mutual had been considering selling its Thai and Vietnamese assets as it sought to streamline its operations, Bloomberg News reported in December. Liberty Mutual had been working with a financial adviser on the potential disposal, which could help it raise a few hundred million dollars, people familiar with the matter have said.

A move to sell its Thailand and Vietnam units would follow other previous disposals from Liberty Mutual globally. Last year, the US insurer sold a group of European businesses to Assicurazioni Generali SpA for around US$2.5 billion as part of its efforts to exit non-core markets and bulk up in US property and casualty insurance.

Chubb has in recent years been boosting its presence in Asia. In 2022, it bought Cigna Group’s life, accident and supplemental businesses in seven places for more than US$5 billion in a deal aimed at boosting its operations in the Asia Pacific region.

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