Jane Dotson
American Family Insurance, a mutual holding company and the 12th largest property/casualty insurance group in the US, recently completed the sale of its subsidiary, The General, to Sentry Insurance for $1.7 billion. The acquisition will see Sentry Insurance take on The General's 1,300 employees, adding to its existing 5,000-strong workforce. In other merger news, Liberty Mutual Insurance has completed its acquisition of Malaysian insurer AmGeneral Insurance Berhad, with the merged entity expected to become the largest auto insurer in Malaysia.
| Characteristics | Values |
|---|---|
| Date of Merger | July 28, 2022 |
| Companies Involved | AmGeneral Insurance Berhad (AmGeneral), Liberty Mutual Insurance |
| Location | Malaysia |
| AmGeneral Previous Ownership | 51% owned by AmBank, 49% owned by Insurance Australia Group |
| AmGeneral Post-Merger Ownership | 100% acquired by Liberty Insurance Berhad, AmBank holds 30% interest |
| AmGeneral Employees | Approximately 1,400 |
| AmGeneral Branch Locations | 33 |
| AmGeneral Insurance Products | Personal and commercial insurance under AmAssurance and Kurnia brands |
| AmGeneral Insurance Distribution | Over 6,000 agents, brokers, car dealers, franchises, affinity partners, and digital channels |
| Liberty Mutual Employees | Over 45,000 worldwide |
| Liberty Mutual Locations | 29 countries and economies |
| Liberty Mutual Insurance Products | Personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers' compensation, commercial automobile, general liability, surety, and commercial property |
| Liberty Mutual Kuala Lumpur Employees | Approximately 450 |
| Liberty Mutual Kuala Lumpur Branch Locations | 6 regional offices and 24 branches across Malaysia |
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What You'll Learn
Liberty Mutual Insurance acquires AmGeneral Insurance
Liberty Mutual Insurance has completed its acquisition of Malaysian insurer AmGeneral Insurance Berhad (AmGeneral). AmGeneral was previously 51% owned by AmBank and 49% owned by Insurance Australia Group. However, Liberty Insurance Berhad acquired 100% of AmGeneral's shares. AmBank continues to hold a 30% interest in the business through the consideration shares received during the acquisition.
The acquisition is expected to help Liberty Mutual Insurance become a leading global property and casualty insurance company. The merger of operations is also projected to make Liberty Mutual the largest auto insurer in Malaysia. AmGeneral's 1,400 employees and 33 branch locations will help Liberty Mutual expand its global capabilities and create a best-in-class insurance operation.
AmGeneral distributes its personal and commercial insurance products under the AmAssurance and Kurnia brands through more than 6,000 agents, brokers, car dealers, franchises, and affinity partners. The company also has a fast-growing digital and direct presence.
As part of the transaction, the merged entity will enter into an exclusive 20-year bancassurance partnership with AmBank to distribute general insurance products. The AmGeneral and Liberty Insurance Berhad operations will be formally merged at a later date.
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AmGeneral Insurance's Malaysian market presence
AmGeneral Insurance Berhad, a top-three motor insurer in Malaysia, has been serving the Malaysian insurance market through approximately 1,400 employees at 33 branch locations. The company distributes its personal and commercial insurance products under the AmAssurance and Kurnia brands through more than 6,000 agents, brokers, car dealers, franchises, and affinity partners, as well as its fast-growing digital and direct capabilities. AmGeneral was previously 51% owned by AmBank and 49% owned by Insurance Australia Group.
AmGeneral has now merged with Liberty Insurance Berhad, a subsidiary of the Liberty Mutual Insurance Group, which has been offering insurance coverage to Malaysians for 45 years. Liberty Insurance Berhad is based in Kuala Lumpur and has approximately 450 employees across six regional offices and 24 branches in Malaysia. The company distributes its personal, commercial, and other product lines through multiple channels, including a 2,000-strong agent force, franchises, car dealers, and bancassurance partners.
On July 28, 2022, Liberty Insurance Berhad acquired 100% of the shares in AmGeneral, with AmBank retaining a 30% interest in the business through consideration shares. The merged entity, which will operate under the name AmGeneral Insurance Berhad, will serve more than three million customers and have access to more than 8,000 agents and partners, as well as multiple brands, including Liberty, Kurnia, and AmAssurance.
The merger between AmGeneral and Liberty Insurance Berhad is expected to make the combined entity the largest auto insurer and a leading general insurer in Malaysia. The merger brings together AmGeneral's strong presence in the Malaysian market and well-respected franchise with Liberty Mutual's global capabilities and experience, creating a best-in-class insurance operation.
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AmGeneral's 1,400 employees and 33 branches
AmGeneral Insurance Berhad (AmGeneral) is a Malaysian insurance company that was previously 51% owned by AmBank and 49% owned by Insurance Australia Group. AmGeneral has approximately 1,400 employees working across 33 branch locations in Malaysia.
AmGeneral is a top-three motor insurer in Malaysia, and the company distributes its personal and commercial insurance products under the AmAssurance and Kurnia brands. AmGeneral's products are distributed through more than 6,000 agents, brokers, car dealers, franchises, and affinity partners, as well as through its fast-growing digital and direct capabilities.
In July 2022, Liberty Mutual Insurance, a company that employs over 45,000 people in 29 countries, completed the acquisition of AmGeneral. Liberty Mutual Insurance is based in Kuala Lumpur and has approximately 450 employees across six regional offices and 24 branches in Malaysia.
The acquisition of AmGeneral by Liberty Mutual Insurance is expected to make Liberty Mutual the largest auto insurer in Malaysia. The merger is also expected to help Liberty Mutual achieve its aspiration to become a leading global property and casualty insurance company.
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Liberty Mutual's global capabilities and aspirations
Liberty Mutual Insurance is a global property and casualty insurance company that has been in business since 1912. Headquartered in Boston, it is the fifth-largest global property and casualty insurer and ranks 86th on the Fortune 100 list of largest corporations in the US based on 2022 revenue. With over 45,000 employees in 27 countries, Liberty Mutual offers a diverse range of insurance products and services, including personal automobile, homeowners, commercial multiple-peril, and general liability insurance.
To strengthen its global capabilities and pursue its aspiration of becoming a leading global insurance company, Liberty Mutual has made strategic acquisitions and expanded its international presence. Notably, in 2022, the company completed the acquisition of AmGeneral Insurance Berhad, a top-three motor insurer in Malaysia. This merger is expected to make Liberty Mutual the largest auto insurer in Malaysia and enhance its market position in the Asia Pacific region.
Liberty Mutual's global capabilities are evident in its ability to combine its international operations with local market understanding. The company has restructured its business units in Asia, unifying Liberty Specialty Markets (LSM) and Asia Retail Markets to create a single, unified strategy. This enables Liberty Mutual to maximize its global strengths while adopting a local-first approach to meet the evolving needs of clients and broker partners in specific regions.
Additionally, Liberty Mutual has announced strategic updates to its Global Risk Solutions (GRS) division, which encompasses its global commercial and specialty (re)insurance operations. The updates include the creation of Liberty International Insurance (LII), which will operate in Asia Pacific, Europe, Latin America, the UK, and MENA regions. This new division will bring together the company's strong commercial and retail understanding, positioning it for significant growth in prominent global markets.
Liberty Mutual's aspirations are driven by its commitment to helping individuals and businesses embrace today and confidently pursue tomorrow. Through its global expansion and mergers, the company aims to create best-in-class insurance operations, combining its global capabilities with strong local franchises. By investing in international markets and partnering with respected regional insurers, Liberty Mutual is well-positioned to achieve its goal of becoming a leading global property and casualty insurance company.
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AmGeneral's personal and commercial insurance products
AmGeneral Insurance Berhad (AmGeneral) is a Malaysian insurance company that was acquired by Liberty Mutual Insurance in 2022. AmGeneral was previously 51% owned by AmBank and 49% owned by Insurance Australia Group.
AmGeneral offers a range of personal and commercial insurance products distributed under the AmAssurance and Kurnia brands. These products include:
- Personal automobile insurance
- Homeowners insurance
- Specialty lines
- Reinsurance
- Commercial multiple-peril insurance
- Workers' compensation insurance
- Commercial automobile insurance
- General liability insurance
- Surety insurance
- Commercial property insurance
The acquisition of AmGeneral by Liberty Mutual Insurance is expected to make Liberty Mutual the largest auto insurer in Malaysia. The merger is also expected to help Liberty Mutual become a leading global property and casualty insurance company.
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Frequently asked questions
AmGeneral Insurance Berhad is a Malaysian insurance company that serves the Malaysian insurance market through approximately 1,400 employees at 33 branch locations.
Liberty Mutual Insurance completed its acquisition of AmGeneral in 2022, buying 100% of the shares. The companies will be formally merged at a later date.
The merger is expected to make Liberty Mutual the largest auto insurer in Malaysia. The merger will also help Liberty Mutual become a leading global property and casualty insurance company.
