Liberty Mutual weighs $1b sale of business

Liberty Mutual Holding Co. is exploring a sale of its businesses in Spain, Portugal and Ireland, according to people familiar with the matter, joining other American insurers retreating from the region.

The US insurer is working with Bank of America Corp on the possible divestments, which could fetch more than 1 billion euros ($1 billion), according to the people, who asked not to be identified because the discussions are private. The assets could attract interest from rival European insurers, the people said.

New York-based MetLife Inc. in July 2021 agreed to sell its European life insurance operations for almost $700 million to Dutch insurer NN Group NV to streamline its global business. Liberty Mutual has been bulking up in US property and casualty insurance, including acquiring State Auto Financial Corp. at a value of about $2.3 billion earlier this year.