Chubb Limited (NYSE: CB) announced on March 3, 2025, agreements to acquire the insurance businesses of Liberty Mutual in Vietnam and Thailand, marking a significant expansion in the Asia-Pacific region.
The acquisition includes Liberty Insurance in Vietnam and LMG Insurance in Thailand. These businesses offer a comprehensive suite of consumer and commercial property and casualty insurance products. This includes automotive, accident and health, and non-motor insurance like fire/property and industrial all-risk. The acquired operations benefit from a broad distribution network:
- 56 branches
- 2,600 brokers and agents
- 26 finance partners.
Combined, these operations generated approximately $275 million in net premiums written in 2024.
The transactions are expected to be completed by the second quarter of 2025 in Thailand and by late 2025 or early 2026 in Vietnam. The completion of the deals is subject to regulatory approvals and customary closing conditions.
This acquisition will allow Liberty Mutual to concentrate its efforts on its existing portfolio in the Asia-Pacific region. The firm projects this market to be the largest property and casualty insurance market by 2045. Liberty Mutual will continue to execute its strategy by capitalizing on opportunities through its current operations located in Australia, China, Malaysia, Hong Kong, Singapore, and India.
“Thailand and Vietnam are well-performing businesses with real potential, and this transaction aligns them with an organization that has the strategy and commitment to invest in the development of these markets,” said Tim Sweeney, Liberty Mutual president and CEO.
Goldman Sachs served as the financial advisor, and Baker McKenzie, Thailand, and Baker & McKenzie (Vietnam) Ltd. advised Liberty Mutual legally on the transaction.
