Baker McKenzie has advised Liberty Mutual Insurance, a leading global property and casualty insurer, on the successful sale of its insurance business in Thailand to Chubb. The Firm is also assisting Liberty Mutual in the sale of its insurance business in Vietnam to Chubb, which is expected to be completed in 2026, subject to the required regulatory approvals and customary closing conditions.
The sale includes LMG Insurance Public Company Limited (LMG Insurance), a top 10 motor and non-life insurer in Thailand, and Liberty Insurance Limited (Liberty Insurance), one of the leading foreign retail motor insurers in Vietnam.
The Baker McKenzie team acted as the lead legal adviser to Liberty Mutual and advised on the legal and tax aspects of the transaction. M&A Partners Sumet Orsirivikorn (Thailand) and Lan Phuong Nguyen (Vietnam) led the team, which included the following lawyers:
Thailand:
• M&A and Insurance Partners Amnart Pitakgorn and Jarae Sithiwong
• Tax Partners Nopporn Charoenkitraj and Sirirasi Gobpradit
• Associates Nop Kitcharoenkankul and Thitapa Haritaworn
Vietnam:
• Special Counsels Thanh Hai Nguyen, Tri Trung Pham and Thanh Hoa Dao
• Associates Chi Hoang Yen Ngo, Quy An Tran, Viet Trung Nguyen, Thu Minh Le, Tuan Minh Le, and Trung Nguyen Nguyen
Commenting on the deal, Sumet said: "We couldn’t be more pleased to have assisted our long-standing client Liberty Mutual in another strategic transaction, this time on the sale of its business in Thailand. Having assisted Liberty Mutual with its entry into the Thai insurance market more than 25 years ago, we are honored to have been able to support our client every step of the way and be the trusted adviser and business partner to the company’s local and regional teams."
Sumet continued, "The transaction also exemplifies the strategic opportunities that the insurance sector offers for market participants, as companies engage in M&A to optimize their operations, bolster their market positions, diversify their portfolios, and leverage synergies to enhance competitiveness."
Lan Phuong added: "This deal showcases our strengths in providing integrated transactional and advisory services to assist clients in navigating high-profile, complex and multijurisdictional transactions. The sale represents a great opportunity for Liberty Mutual to focus on its next era of growth, and we look forward to further supporting the business as it continues to seize opportunities in the thriving insurance market."