US insurer Liberty Mutual is considering selling its Latin American business as part of plans to pull out of non-core markets, according to people with knowledge of the matter.
According to the people, who asked not to be identified, the possible sale, advised by JPMorgan, could bring in around US$1 billion. Assets would include operations in Brazil, Chile, Colombia and Ecuador.
Liberty may start selling in the coming weeks, the people said. Some of Liberty’s assets have attracted interest from global rivals such as Zurich Insurance and Assicurazioni Generali, the sources said.
The company could end up selling the assets as a bundle or separately, they said.
Deliberations are still in the early stages and there is no certainty that they will lead to a transaction. Representatives for Liberty, JPMorgan, Zurich and Generali declined to comment.
Liberty peers have sold businesses in markets outside the United States in recent years. MetLife sold its European life insurance business for nearly US$700 million in 2021 to the Dutch NN Group.
Latin America would be the second major region that Liberty intends to leave.
The insurer is also considering selling businesses in Spain, Portugal and Ireland, people with knowledge of the matter said in November.
The policyholder-owned company has been growing in the US property and casualty business, including acquiring State Auto Financial for about US$2.3 billion last year.
With information from Bloomberg in collaboration with Stephan Kahl