Boston insurance company Liberty Mutual announced plans Wednesday to expand into Ecuador, its 28th country, through two acquisitions in the South American nation.
The property and casualty insurance giant said it agreed to buy Panamericana de Seguros del Ecuador SA and Cervantes SA Compania de Seguros y Reaseguros — both based in Quito — for an undisclosed amount.
Liberty Mutual, best known for offering home and auto insurance, has become increasingly reliant on overseas sales over the past decade. More than one-quarter of its $31 billion in net premiums came from its international group last year.
The latest acquisitions will make Liberty Mutual the fifth largest property and casualty insurance company in Ecuador. Panamericana is the 11th largest property and casualty insurer in Ecuador, while Cervantes, owned by Banco Internacional, is the 15th.
The firm is already the largest insurance carrier in Venezuela and the second largest property and casualty company in Colombia.