Liberty Mutual entered the Irish market in 2011 with Quinn Insurance takeover via IrishTimesBiz
US insurance group Liberty Mutual has agreed to sell Liberty Insurance in Ireland, as well as its Spanish and Portuguese operations to Italy's Generali. Photograph: Alan BetsonItalian insurance giant Generali said on Thursday it has agreed to buy Liberty Mutual’s businesses in Ireland, Spain and Portugal in a deal worth €2.3 billion.
Generali, which has been scouting for acquisitions under its chief executive Philippe Donnet, does not have general insurance operations in Ireland. The Irish Times had reported in February that Zurich Insurance Group was in talks at the time to buy the Liberty businesses, but it could not be determined at the time whether the discussions were exclusive.
Boston-based Liberty Mutual entered the Irish market in 2011 by taking over the main businesses of Quinn Insurance, which had fallen into administration a year earlier after a large hole was discovered in its balance sheet. Zurich was among the shortlisted bidders that had circled Quinn Insurance at the time.
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