Liberty Mutual Group Announces Agreement to Acquire Indiana Seguros, Brazil

    BOSTON, October 10 /CNW/ - Liberty Mutual Group today announced that its
Brazilian subsidiary, Liberty International Brasil Ltda, has signed an
agreement to buy 100 percent of Indiana Seguros, S.A. The acquisition is
subject to regulatory approval in Brazil, and all parties are working to
achieve the earliest possible closing date.

    Once the transaction is completed, Liberty Brazil will become the 10th
largest property and casualty insurer in the Brazilian insurance market, with
a market share of 3.2 percent, a portfolio of more than one million clients,
and net written premium of US$580 million. The transaction will also make
Liberty Brazil the 6th largest auto insurer in the market, with a 6.4 percent
market share.

    "This acquisition will help us consolidate our position in Brazil," said
Edmund F. Kelly, Chairman, President and CEO of Liberty Mutual Group. "Indiana
Seguros brings to our Brazilian operations a strong expertise in alternative
channels, broadening and strengthening our distribution mix. Its $180 million
in net written premium and more than 500 employees will expand our presence
significantly in the most important cities in Brazil."

    Founded in 1943 by the Afif family, Indiana Seguros's main product is
private passenger auto, sold through car dealers and retail producers
throughout the country. Additionally, Indiana Seguros writes homeowners and
life insurance - both individual and group. The company's current shareholders
are the Afifs, with 60 percent, and the Bradesco Group, with 40 percent. Both
Guilherme Afif Domingos and Claudio Afif Domingos will continue to serve on
the board of Indiana Seguros.

    Earlier this year, Liberty Mutual Group invested in SIIF Energies do
Brasil and Rosa Dos Ventos - collectively, the country's largest wind power
plant projects. The company's role as the largest private participant in the
Projects, along with this latest acquisition, reaffirms the U.S.-based global
insurer's commitment to the Brazilian insurance industry and to Brazil,
generally, as an attractive economy for investment.

    Liberty Mutual Group has had a presence in Brazil since its 1996 purchase
of Paulista Seguros, a long-standing Brazilian property and casualty insurance
company. Although, Liberty Seguros' primary line of business is automobile
insurance, it also offers a broad array of insurance lines such as life,
property (homeowners, commercial and condominium) and marine (inland, cargo
and liability) products. Liberty Seguros distributes its personal and
commercial insurance products through brokers, agents and bancassurance
relationships. In addition, Affinity business, particularly through its
successful worksite marketing, is an important focus for the company and is
well recognized in the market by brokers and customers.

    "Now, together, Liberty Mutual and Indiana Seguros will bring about
benefits such as high added value, offering more and better options to clients
while keeping the same emphasis in the distribution channels," said Luis
Maurette, President of Liberty Brazil. "We want to get even closer to the
market with the construction of a solid, united company that focuses on the

    Liberty Seguros S.A., headquarterd in Sao Paulo, has 76 branch offices
around the country with more than 1,000 employees who serve 600,000 clients
and nearly 10,000 brokers. For more information on the company's products and
services, contact the Sao Paulo office at 55-11-5503-4000 or visit Liberty
Seguros's web site at

    About Liberty Mutual Group

    Boston-based Liberty Mutual Group is a diversified global insurer and
sixth largest property and casualty insurer in the U.S. based on 2006 direct
written premium. The Company also ranks 95th on the Fortune 500 list of
largest corporations in the U.S. based on 2006 revenue. As of December 31,
2006, Liberty Mutual Group had $85.5 billion in consolidated assets, $74.6
billion in consolidated liabilities, and $23.5 billion in annual consolidated

    Through its business unit, Liberty International, the company provides
insurance products and services in 24 countries, including the U.S., through
two distinct approaches. The first is through locally domiciled insurance
companies based around the world, which provide mostly personal insurance
products and services. The second approach is through Liberty International
Underwriters (LIU), which provides specialty commercial lines of insurance
worldwide, including casualty, specialty casualty, marine energy, engineering
and reinsurance, distributed exclusively through the independent broker

For further information:

For further information: Liberty Mutual Group Adrianne Kaufmann,

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