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Generali has signed a definitive agreement with Liberty Mutual Insurance for the acquisition of its Spanish personal and small business insurance subsidiary Liberty Seguros. The transaction is valued at 2.3 billion EUR (2.5 billion USD).
The acquisition includes the Spanish insurer's operations in Ireland, Northern Ireland, Portugal and Spain.
The deal, which is still pending approval by the relevant authorities, will enable the Italian group to strengthen its leading position in Europe and boost growth in its property-casualty insurance activities.