Generali has completed the integration of Liberty Seguros, a process that began in June 2023. This operation is one of the main industrial activities of Generali in recent years, and it has radically changed the group’s presence in Spain and Portugal, while also opening up access to new European markets.
Background of the Operation
Jaime Anchústegui, Chief Insurance M&A and Strategic Joint Ventures officer of the Generali Group, has been following the transaction since its initial phases. According to Anchústegui, the integration of Liberty Seguros was the result of a long and complex process that started between 2022 and 2023, when several people within the group began analyzing the possibility of acquiring Liberty Seguros.
The analysis involved the business units of Portugal and Spain, along with the central management, and identified the operation as a significant opportunity for Generali. Anchústegui notes that from the early analyses, a strong complementarity emerged between Liberty Mutual’s activities and those of the group already present in the Iberian Peninsula.
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Integration Process
The acquisition of Liberty Mutual’s European activities for a value of 2.3 billion euros was just the starting point of a complex integration process. This process led to the creation of a single company, Generali España de Seguros y Reaseguros, which has enabled the implementation of an omnichannel approach with a single vision of the customer.
Anchústegui considers this element central to the future of the group and the strengthening of the relationship model with customers. From an industrial point of view, the operation has allowed Generali to achieve 100% of the objectives defined at the beginning of the project, reaching the fourth position in the damage business in Spain and consolidating the second position in Portugal.
The integration has also enabled the incorporation of technical skills in areas such as customer selection, pricing, and service, strengthening the company’s overall competitiveness in the two markets. The integration process, which started in 2023, is described by Anchústegui as highly technological, with the aim of offering evolved services and products to customers.
Impact on the Group
According to Anchústegui, people are absolutely fundamental to the group, as they offer services, assist customers, and explain products. In this context, the integration of the portfolios has gone hand in hand with the integration of people from Liberty into Generali.
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This work has been carried out without losing policies, creating problems for customers, or generating tension in the market. The group indicates an improvement in operational performance for 2025.
The completion of the integration process consolidates Generali’s presence in central markets and marks the beginning of a new phase, oriented towards strengthening the offer and continuing the group’s development path in Europe.
Generali looks to the future.
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