Liberty Mutual buys Brazilian insurer

Global insurer Liberty Mutual of Boston announced today that a subsidiary has agreed to buy a company that will make it the 10th largest property and casualty insurer in Brazil and the sixth largest auto insurer.

The subsidiary, Liberty International Brasil Ltda, signed an agreement to buy 100 percent of Indiana Seguros S.A., said Liberty Mutual, which added that the financial terms of the agreement were not being disclosed.

The acquisition is subject to regulatory approval in Brazil, and when the transaction is completed, it "will expand our presence significantly in the most important cities in Brazil," Liberty Mutual chairman, chief executive, and president Edmund F. Kelly said in a statement.
(By Chris Reidy, Globe staff)