Liberty Mutual completed the acquisition of AmGeneral Insurance from IAG and AmBank Group for $550m.

Liberty Mutual, an American diversified global insurer, completed the acquisition of AmGeneral Insurance, a Malaysian insurer, from IAG, a multinational insurance company headquartered in Sydney, and AmBank Group, one of the largest banking groups in Malaysia, for $550m. "Expanding and investing in international insurance markets is instrumental in our aspiration to become a leading global property and casualty insurance company. Liberty Mutual's mission to help people embrace today and confidently pursue tomorrow is well aligned with AmBank's mission to help individuals and businesses in Malaysia grow and win together. Combining Liberty's global capabilities with AmGeneral's leading market share in auto and a growing business in additional product lines will create a best-in-class insurance operation," Jim MacPhee, Liberty Mutual President, Global Retail Markets.