Assicurazioni Generali S.p.A. (BIT:G) signed a definitive agreement to acquire Liberty Seguros, Compania de Seguros y Reaseguros, S.A. from Liberty Mutual Insurance Europe Societas Europaea for ?2.3 billion on June 15, 2023. The transaction includes Liberty Seguros operations in Ireland, Northern Ireland, Portugal and Spain. Liberty Mutual's other European operations (Liberty Specialty Markets, Liberty Mutual Reinsurance, Liberty Mutual Surety, Liberty IT and Hughes Insurance) are not included in this transaction and will continue to operate in their respective markets. As of January 18, 2024, The European Commission has approved the transaction.

BofA Securities acted as financial advisor to Liberty Mutual. Todd E. Freed, Jisun Choi, Elena M. Coyle, A. Caroline M. Frizzo, Alex Jupp, Robin F. Marchant, Young M. Park, Jamie S. Talbot, and Christopher J. Ulery of Skadden, Arps, Slate, Meagher & Flom LLP provided legal advice to Liberty Mutual in the transaction. Citigroup Capital Markets Inc. and Credit Suisse Group AG acted as financial advisor to Assicurazioni Generali S.p.A. Ashley Prebble, Andre Duminy, Nicola Hemsley of Clifford Chance and at Generali, the in-house team includes Andrea Fassina, Valentina Sarrocco and Stefano Crisostomo of Clifford Chance S.L.P. acted as legal advisor to Assicurazioni Generali S.p.A. (BIT:G).

Assicurazioni Generali S.p.A. (BIT:G) completed the acquisition of Liberty Seguros, Compania de Seguros y Reaseguros, S.A. from Liberty Mutual Insurance Europe Societas Europaea on January 31, 2024. After completion of transaction, the new board of directors of Liberty Seguros has appointed Carlos Escudero as the new Chief Executive Officer and Pedro Carvalho as Branch Manager of Liberty Seguros' branch in Portugal. Matheson Ormsby Prentice and Gráinne Callanan of Morais Leitão, Galvão Teles, Soares da Silva & Associados acted legal advisor to Assicurazioni Generali S.p.A. (BIT:G).