Liberty Insurance Berhad agreed to acquire AmGeneral Insurance Berhad from AmBank Group and Insurance Australia Group Limited (ASX:IAG) for MYR 2.3 billion on July 19, 2021. Upon completion AmGeneral and Liberty Insurance Berhad operations will merge and AmBank will hold 30% stake in the new company whereas IAG will exit. Under the terms of consideration AmBank will receive cash and consideration shares. The transaction is subject to regulatory approval from Bank Negara Malaysia and the Minister of Finance. The deal is also subject to court approval. Citigroup Inc. (NYSE:C) acted as financial advisor to Liberty Mutual Insurance Company. The transaction is expected to complete during IAG’s financial year ending June 30, 2022. The transaction is expected to close in the first half of 2022. It does not have plans to change operations or staffing levels. As of June 28, 2022, IAG received regulatory approval from Bank Negara Malaysia and the Minister of Finance to proceed with the sale of AmGeneral Insurance to Liberty Insurance. On July 4, 2022, petition has been filed to Malaysia High Court. BofA Securities, Inc. acted as financial advisor to the Insurance Australia Group Limited (ASX:IAG). On behalf of the Board, AmInvestment Bank wishes to announce that High Court of Malaya, Kuala Lumpur had on 6 July 2022 granted an order confirming the proposed selective capital reduction and capital repayment of AGHB pursuant to Section 116 of the Companies Act 2016. The sealed court order of the High Court will be extracted in due course. As of July 12, 2022, the completion date was extended to July 28, 2022 .

Liberty Insurance Berhad completed the acquisition of AmGeneral Insurance Berhad from AmBank Group and Insurance Australia Group Limited on July 28, 2022. Baker Mckenzie acted as legal advisor to Liberty Insurance Berhad in the transaction.