Liberty Insurance Berhad has received approval from the Minister of Finance to acquire AmGeneral Insurance Berhad.
AmGeneral is currently 51%-owned by AmBank Group and 49%-owned by Insurance Australia Group. Upon deal completion, which is subject to customary closing conditions, LIB will acquire 100% shares of AmGeneral, and AmBank’s share of the sale proceeds will be in the form of cash and consideration shares, which will result in AmBank holding a 30% interest in the LIB and AmGeneral businesses. We anticipate signing the sale and purchase agreement in July 2022. Further announcements will be made in due course.
As part of the transaction, the prospective merged entity will enter into an exclusive 20-year bancassurance partnership with AmBank to distribute general insurance products. Both entities will, at a subsequent date, be formally merged.
“This is a transformational moment for Liberty in Malaysia,” said Liberty Mutual’s Global Retail Markets East President & Chief Operating Officer, Defne Turkes. “This approval solidifies our path toward deal completion and integration with AmGeneral, and realizing the possibilities of what we can accomplish together.”
