Assicurazioni Generali SpA has agreed to acquire a group of European businesses from US insurer Liberty Mutual Holding Co. for €2.3 billion ($2.5 billion).

Liberty Mutual announced the sale of its Liberty Seguros subsidiary in a statement on Thursday that confirmed an earlier Bloomberg News report. Generali beat out other large European insurers to acquire the asset, which includes businesses in Spain, Portugal, Ireland and Northern Ireland.

Liberty Mutual sells everything from property and casualty to life insurance in Spain and Portugal through agents, banks and affiliates, according to its website. It entered Ireland through an acquisition in 2011 and offers personal car and home insurance there, as well as business products.

The Boston-based company has been working with Bank of America Corp. on the disposals, which form part of its plans to ditch non-core markets and bulk up in US property and casualty insurance. It sold some European life operations to Dutch insurer NN Group NV. in 2021 and has also been exploring a sale of its Latin America businesses.

“This decision further helps Liberty Mutual sharpen our operational focus to deliver exceptional value across our channels, products and markets,” Liberty Mutual’s Chief Executive Officer Tim Sweeney said in the statement announcing the Liberty Seguros sale.

Generali has been scouting for acquisitions under its CEO Philippe Donnet and last year explored a deal to buy US investment firm Guggenheim Partners’ asset management business. The plan was later put on hold.

Author: Jan-Henrik Förster, Aaron Kirchfeld and Sonia Sirletti