Liberty Mutual Completes MetLife Iberia Purchase

Banco Santander Central Hispano S.A., Madrid, once owned a 20% stake in MetLife Genesis, but MetLife announced in July 2003 that it was buying the stake back from Santander.

MetLife executives said last summer that the company decided to sell MetLife Iberia because the unit operates in a relatively mature market and gets much of its revenue from property-casualty operations. MetLife’s international division has been emphasizing sales of life insurance and retirement savings products in developing countries.

Liberty Mutual says completing the MetLife deal has expanded its life business significantly and made it the second largest direct auto writer in the Spanish market.

Liberty Mutual entered Spain in 2001 by acquiring a company from Hartford Financial Services Group Inc., Hartford, for a price that was not disclosed. Later that year, Liberty Mutual acquired a Spanish insurer from Royal & Sun Alliance Insurance Group P.L.C., London, for $188 million.