ING Closes Chile P/C Sale to Liberty Mutual

The Netherlands ING Group announced that it has closed its transaction to sell ING Chile’s property & casualty insurance operation, ING Seguros Generales, to Boston-based Liberty Mutual Group.

The sale was originally concluded in March (See IJ Website March 22, 2005). The terms of the transaction were not disclosed, but the ING announcement indicated that it would not have “a material impact for ING Group.”

ING added that the transaction “is part of ING’s ongoing global strategy to actively manage its portfolio, and focus on core activities. Neither ING Chile’s remaining insurance and asset management activities nor the wholesale banking operation of ING in Chile were affected by the transaction.”