LIBERTY MUTUAL AGREES TO SELL RUSSIAN UNIT TO SOVCOMBANK

US property/casualty group Liberty Mutual is to sell Russian subsidiary Liberty Insurance PJSC to privately-owned local banking group Sovcombank. Terms of the deal were not disclosed. The transaction is expected to close during the first quarter after clearances from the Bank of Russia, the Federal Antimonopoly Service and other regulators. “Our team is pleased to become part of Sovcombank Group and will continue to provide first-class insurance services throughout Russia as part of the banking group,” said Liberty Insurance general director Sergey Kovalchuk. “Sovcombank is a respected bank in Russia with great potential that will help us grow and develop.” The bank intends to rename the insurer.