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Chilean businessman purchases Liberty Mutual's Venezuela unit

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Chilean businessman purchases Liberty Mutual's Venezuela unit

Chilean entrepreneur Isidoro Quiroga has completed the purchase of Venezuela's Seguros Caracas de Liberty Mutual C.A., from Liberty Mutual Insurance, according to Aug. 26 news release.

"In 2015, due to the Venezuelan foreign exchange restrictions that impacted our ability to manage the business, Liberty Mutual decided to sell Seguros Caracas and deconsolidate the company from LMIG's financial statements," the insurance giant said.

The amount of the transaction, which has garnered approvals from local government and regulators, was not disclosed.

According to a report by Diario Financiero, Seguros Caracas is Venezuela's fourth largest insurer.