Chubb to acquire Liberty Mutual’s P&C insurance operations in Thailand and Vietnam

Global insurance carrier Chubb Limited has entered into agreements to acquire LMG Insurance in Thailand and Liberty Insurance in Vietnam, Liberty Mutual’s property and casualty (P&C) insurance businesses in Thailand and Vietnam.

The two companies being acquired by large insurer Chubb offer a range of consumer and commercial P&C products, including automotive, accident & health, and non-motor insurance such as fire, property, and industrial all-risk.

It’s been confirmed that the portfolio being purchased is coupled with complementary distribution through 56 branches, 2,600 brokers and agents, and 26 finance partners.

The combined operations produced approximately $275 million in net premiums written in 2024.

For Chubb, the transaction represents an opportunity to enhance and expands its business.

Liberty states that the agreements enable it to focus on its portfolio in Asia Pacific, which the firm says is projected to be the largest P&C insurance market in the world by 2045.

The insurer emphasises that it will continue to execute on its strategy to capitalise on the “greatest opportunities in the region” via its remaining operations in Australia, China, Malaysia, Hong Kong, Singapore, and India.

Liberty Mutual President and Chief Executive Officer Tim Sweeney, commented: “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.

“We are grateful to our teams who have been dedicated to serving the needs of our clients, brokers and partners in these markets.”

The agreement to acquire the Thailand-based insurer is expected to close in the second quarter of this year, while the acquisition of Liberty Insurance in Vietnam is expected to close late this year or early in 2026, subject to required regulatory approvals and customary closing conditions.

Goldman Sachs acted as financial advisor, and Baker McKenzie, Thailand and Baker & McKenzie (Vietnam) Ltd. provided legal advice to Liberty Mutual.

Terms of the agreements were not disclosed.

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