Liberty Mutual Insurance is selling operations in Thailand and Vietnam to Chubb as it focuses on other markets in the Asia-Pacific region.

Most of the Thai and Vietnamese companies’ premium comes from motor insurance, and both also offer accident and health and other property and casualty products through various distribution channels.

Liberty Mutual says it will focus on operations in Australia, China, Malaysia, Hong Kong, Singapore and India, with Asia-Pacific projected to be the largest P&C insurance market by 2045. 

The sale of LMG Insurance in Thailand is expected to close by the second quarter of this year and the deal for Liberty Insurance in Vietnam is due to complete next year, subject to regulatory and other conditions. 

“Thailand and Vietnam are well-performing businesses with real potential, and this transaction aligns them with an organisation that has the strategy and commitment to invest in the development of these markets,” Liberty Mutual president and CEO Tim Sweeney said. 

Chubb says the two operations produced about $US275 million ($442.6 million) in net premium written last year.

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