Liberty Mutual to buy Malaysian insurance company

Boston-based Liberty Mutual Insurance Group announced the company’s entry into Malaysia’s $4.6 billion non-life insurance market with its planned acquisition of Uni.Asia Capital Sdn Bhd’s 68.09 percent stake in Uni.Asia General Insurance Berhad for about $113 million.

The transaction is subject to Malaysian regulatory approval and is expected to be completed by mid-summer 2014, Liberty Mutual said in a press release.

‘The addition of Uni.Asia will allow Liberty Mutual to compete in Malaysia’s growing and profitable insurance market while providing a strategic complement to our existing operations in Southeast Asia,” David H. Long, Liberty Mutual Insurance Group chairman and chief executive, said in a statement.

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The acquisition in Malaysia will add to Liberty Mutual Insurance’s current international presence in 29 countries spread across Asia, Latin America, and Europe.