(Bloomberg) -- Liberty Mutual Insurance Co. agreed to sell its Latin American business to HDI International AG for about €1.38 billion ($1.48 billion) as it seeks to refocus on its core operations in the US.

HDI International, a subsidiary of Talanx AG, will acquire Liberty’s retail business in Brazil, Chile, Colombia and Ecuador and gross written premiums of about €1.7 billion, Talanx said in a statement on Saturday. The transaction is expected to close in the first half of 2024.

Liberty is also seeking to sell its European business as part of its pivot away from non-core markets, Bloomberg reported in November. Other US peers have also reduced their international presence in recent years, with New York-based MetLife Inc. agreeing to sell some European life insurance operations for almost $700 million to Dutch insurer NN Group NV in 2021.

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