Liberty Mutual Insurance Group has reached an agreement to acquire 68.09% stake in Uni.Asia General Insurance from Uni.Asia Capital, as part of its plans to foray into Malaysian non-life insurance market.

The transaction has been valued at nearly $113m, and will complete by mid-summer 2014, following the receipt of approval from the Malaysian regulator.

The proposed acquisition in Malaysia will add to Liberty’s current international presence in 29 countries spread across Asia, Latin America and Europe across the globe.

Uni.Asia General Insurance specializes in private passenger automobile insurance and fire insurance for homes, features multiple distribution channels through agents, brokers, banks and car dealers.

Liberty Mutual Insurance Group chairman and CEO David Long said, "The addition of Uni.Asia will allow Liberty Mutual to compete in Malaysia’s growing and profitable insurance market while providing a strategic complement to our existing operations in Southeast Asia."

Liberty Mutual provides insurance to individuals and businesses in Thailand, Singapore, India, China (including Hong Kong), Vietnam, Venezuela, Brazil, Ecuador, Colombia, Argentina, Chile, Spain, Portugal, Turkey, Poland, the UK, Ireland and Russia.