Chubb is said to near buying Liberty Mutual Thai, Vietnam units

CHUBB is nearing a deal to acquire Liberty Mutual Holding’s businesses in Thailand and Vietnam as it seeks to boost its presence in South-east Asia, according to sources familiar with the matter.

The companies are hammering out details of a transaction that could be announced as soon as Monday (Mar 3), the sources said, asking not to be identified because the deliberations are private.

Representatives for Chubb and Liberty Mutual did not immediately respond to requests seeking comment.

Liberty Mutual has been considering selling its Thai and Vietnamese assets as it seeks to streamline its operations, Bloomberg News reported in December. Liberty Mutual has been working with a financial adviser on the potential disposal, which could help it raise a few hundred million US dollars, sources 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 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. BLOOMBERG