Liberty Mutual sells everything from property and casualty to life insurance in Spain and Portugal through agents, banks and affiliates, according to its website. The company entered Ireland through an acquisition in 2011 and offers personal car and home insurance there, as well as business products. (Credit: User54871/Wikimedia Commons) Liberty Mutual sells everything from property and casualty to life insurance in Spain and Portugal through agents, banks and affiliates, according to its website. The company entered Ireland through an acquisition in 2011 and offers personal car and home insurance there, as well as business products. (Credit: User54871/Wikimedia Commons)

(Bloomberg) — Liberty Mutual Holding Co. is exploring a sale of its businesses in Spain, Portugal and Ireland, according to people familiar with the matter, joining other American insurers retreating from the region.

The U.S. insurer is working with Bank of America Corp. on the possible divestments, which could fetch more than 1 billion euros ($1 billion), according to the people, who asked not to be identified because the discussions are private. The assets could attract interest from rival European insurers, the people said.

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