Global insurance firm Chubb has agreed to buy, for an undisclosed sum, the insurance businesses of Liberty Mutual Insurance in Thailand and Vietnam, with the Thai acquisition set to close by the second quarter of 2025 and the Vietnam purchase in 2026.

The businesses involved in the deal, Chubb says, are LMG Insurance, a top 10 motor and non-life insurer in Thailand, and Liberty Insurance, the leading foreign retail motor insurer in Vietnam. Motor insurance represent the majority of each company’s written premiums, while both offer accident, health and other property casualty products through multiple distribution channels.

The insurance portfolio, Chubb notes, is linked with complementary distribution through 56 branches, 2,600 brokers and agents, and 26 finance partners. The combined operations of both companies produced around US$275 million in net premiums written in 2024.

Both Chubb and Liberty Mutual Insurance are American companies, with Chubb listed on the New York Stock Exchange.

The transaction, Liberty Mutual points out, allows it to focus on its portfolio in Asia-Pacific, projected to be the largest property and casualty insurance market by 2045. Liberty Mutual will, it adds, continue to execute on its strategy to capitalize on opportunities in the region through its remaining operations in Australia, China, Malaysia, Hong Kong, Singapore and India.

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

Goldman Sachs acted as financial adviser in the transaction, and Baker McKenzie subsidiaries in Thailand and Vietnam provided legal advice to Liberty Mutual.