Sovcombank to acquire Liberty Insurance PJSC

Sovcombank, Russia’s third-largest privately-owned bank, and Liberty Mutual Group, the fifth-largest global property and casualty insurer, announced today that they have entered into a definitive agreement whereby Sovcombank will acquire Liberty Insurance PJSC, a Russian subsidiary of Liberty Mutual.

The acquisition is expected to close in the first quarter of 2020, subject to applicable regulatory approvals and other customary closing conditions. After the completion, Liberty Insurance will be rebranded.

“The acquisition of Liberty Insurance reinforces Sovcombank’s strategy of focusing on acquisition of world class expertise and on expanding non-credit financial products we offer to our clients. Liberty Insurance is led by an experienced management team and high-quality workforce, who we look forward to welcoming to our group. We are fully committed to making this transition as seamless as possible for employees and clients.” – Dmitry Gusev, the CEO of Sovcombank.

“Our team is excited to become a part of Sovcombank Group and continue to focus on providing best-in-class insurance products across Russia. We look forward to continuing and growing our relationships with our valued customers and clients. Sovcombank is a highly-respected brand in Russia and has the capital, commitment, and trust to help us grow and thrive going forward.” – Sergei Kovaltchuk, the CEO of Liberty Insurance.