Liberty Mutual Insurance Group Enters Ecuador ‘s Insurance Marketplace with Two Acquisitions
Liberty Mutual Insurance Group, one of the largest property and casualty insurers in the world, today announced expansion of its romance american operations by entering Ecuador ‘s policy marketplace following the acquisitions of Panamericana de Seguros del Ecuador S.A. and Cervantes S.A. Compania de Seguros y Reaseguros, two insurers offering chiefly car insurance, early property and casualty products arsenic well as group life and health policy. The two companies ‘ combined property and casualty marketplace parcel will position Liberty Mutual as the fifth largest Non-Life insurance company in Ecuador .
The parties did not disclose the fiscal terms of the agreements.
Panamericana, which began operations in 1973, is the 11th largest property and casualty insurance company in Ecuador with $ 48 million in gross written agio in 2011. The company distributes its products through agents and brokers. Panamericana is headquartered in Quito and has operations in Guayaquil, Cuenca and Manta .
Cervantes was owned by Banco Internacional and is the fifteenth largest property and casualty insurance company in Ecuador with $ 25 million in crying written premium in 2011. Headquartered in Quito, Cervantes began operations in 1993. The company chiefly distributes its products through the agent and bank channels .
”With the additions of Panamericana and Cervantes, we enter Ecuador ‘s active and growing insurance market from a position of potency, ”said David H. Long, Liberty Mutual Insurance Group president and head administrator officer. ”Both companies have complemental distribution channels and excellent reputations. We look fore to offering Ecuador ‘s consumers the products and services they desire and choices in how they wish to purchase them. ”
Liberty Mutual Insurance Group reported internet written premium as of December 31, 2011 of $ 31.2 billion, of which $ 8.2 billion, or 26 percentage, came from its International operations.
The acquisitions in Ecuador add to Liberty Mutual ‘s International local business operations that sell to individuals and businesses in three geographic regions : Latin America, including Venezuela, Brazil, Colombia, Argentina and Chile ; Europe, including Spain, Portugal, Turkey, Poland, Ireland and Russia ; and, Asia, including Thailand, Singapore, India, China ( including Hong Kong ) and Vietnam .
individual passenger automobile policy is the one largest line of business for Liberty Mutual ‘s International operations, which insures more than 5.9 million autos worldwide .
Liberty Mutual has been the total one insurance company in Venezuela every class since 2002. The company is besides the number two property and casualty company in Colombia, and is among the top 10 property and fatal accident companies in Argentina, Brazil and Chile .
About Liberty Mutual Insurance Group
”Helping people live safer, more guarantee lives ” since 1912, Boston-based Liberty Mutual Insurance is a diversify ball-shaped insurance company and the third largest property and casualty insurance company in the U.S. based on 2011 steer premiums written as reported by the National Association of Insurance Commissioners .
Liberty Mutual Insurance besides ranks 84th on the Fortune 100 list of largest corporations in the U.S. based on 2011 gross. As of December 31, 2011, Liberty Mutual Insurance had $ 117.1 billion in consolidate assets, $ 99.3 billion in consolidate liabilities, and $ 34.7 billion in annual consolidate gross .
Liberty Mutual Insurance offers a wide range of indemnity products and services, including personal automobile, homeowners, workers recompense, property, commercial automobile, general liability, ball-shaped peculiarity, group disability, reinsurance and hostage. Liberty Mutual Insurance employs over 45,000 people in more than 900 offices throughout the worldly concern .