(Bloomberg) — Liberty Mutual Holding Co. is exploring a sale of its Latin America businesses as part of the US insurer’s divestment plans from non-core markets, according to people with knowledge of the matter.

The Boston-based firm is working with JPMorgan Chase & Co. on the potential sale, which could fetch about $1 billion, the people said, asking not to be identified because the discussions are private. The assets include operations in Brazil, Chile, Colombia and Ecuador, the people said. 

Liberty Mutual may kick off the sale as soon as the coming weeks, the people said. Some of the Liberty assets are attracting interest from global rivals including Zurich Insurance Group AG and Assicurazioni Generali SpA, the people said. 

The company may end up selling the assets in one package or separately, the people said. Deliberations are still in the early stages, and there’s no certainty they will lead to a transaction. Representatives for Liberty Mutual, JPMorgan, Zurich and Generali declined to comment.

Liberty Mutual is joining peers that have sold businesses in markets outside the US. New York-based MetLife Inc. in July 2021 agreed to sell some European Life Insurance operations for almost $700 million to Dutch insurer NN Group NV. This would be the second big geography Liberty is seeking to exit as it is also exploring the sale of businesses in Spain, Portugal and Ireland, people with knowledge of the matter said in November.

The company, owned by its policyholders, has been bulking up in US property and casualty insurance, including acquiring State Auto Financial Corp. at a value of about $2.3 billion last year. 

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