Generali nears $2B deal for Liberty Mutual's European units

(Bloomberg) --Assicurazioni Generali SpA is nearing a deal to acquire a group of European businesses from US insurer Liberty Mutual Holding Co., people with knowledge of the matter said. 

The Italian insurer could announce an agreement as soon as Thursday, the people said, asking not to be identified because the information is private. A transaction is set to value the operations at more than $2 billion, the people said. 

Generali beat out other large European insurers, the people said. The sale includes businesses in Spain, Portugal and Ireland, Bloomberg News reported previously. While talks are advanced, they could still be delayed or falter, the people said. 

A representative for Generali declined to comment, while a spokesperson for Liberty Mutual didn't immediately respond to a request for comment. 

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.

Generali has been scouting for acquisitions under its Chief Executive Officer 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.