Liberty Mutual’s businesses in Brazil, Chile, Colombia, and Ecuador are up for sale. Photo by Isabela Kronemberger on Unsplash.

Liberty Mutual, a US-based insurance group, is planning to divest its operations in Latin American markets, reported Bloomberg, citing sources. 

The insurer is said to be working with JP Morgan Chase on the potential sale, which is part of its plan to exit non-core operations. 

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The company’s businesses in Brazil, Chile, Colombia, and Ecuador are up for sale, the sources said, adding that the deal could fetch around $1bn for Liberty Mutual.

According to the sources, Liberty Mutual could begin the divesture as soon as in the upcoming weeks.

Liberty Mutual’s international rivals including Zurich Insurance Group and Assicurazioni Generali are showing interest in some of the businesses, they added. 

The insurer could sell its assets separately or together. Considerations are at an early stage and there is no certainty that a deal will materialise, the sources noted. 

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Liberty Mutual, JPMorgan, Zurich, and Generali representatives declined to comment.

The development comes nearly two months after sources said that Liberty Mutual is planning to sell its businesses in Spain, Portugal, and Ireland.

The sale of European operations could also fetch around $1bn for the insurer. 

Liberty Mutual, which is based in Boston and owned by its policyholders, has been bolstering its operations in its home market. 

Last March, the insurer acquired State Auto Group in an all-cash deal valued at $1bn.

State Auto Group is a property and casualty insurance holding company, which added $2.3bn in premiums to the insurer.