Business

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’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 midsummer.

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“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,” said David H. Long, Liberty Mutual Insurance Group chief executive.

Liberty Mutual Insurance currently has an international presence in 29 countries.

Globe Staff

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