Liberty Mutual Group said Wednesday that its Brazilian subsidiary, Liberty International Brasil Ltda, has agreed to buy 100 percent of Indiana Seguros S.A., also headquartered in Brazil.

Once the transaction is completed, Liberty Brazil will become the 10th largest property and casualty insurer in the Brazilian insurance market, with a market share of 3.2 percent, a portfolio of more than one million clients, and net written premium of $580 million, according to a release from Liberty Mutal officials.

The transaction will also make Liberty Brazil the sixth largest auto insurer in the market, with a 6.4 percent market share.

"This acquisition will help us consolidate our position in Brazil," said Edmund F. Kelly, chairman, president and CEO of Boston-based Liberty Mutual Group.

Indiana Seguros's main product is private passenger auto, sold through car dealers and retail producers throughout the country, according to Liberty Mutual. Additionally, Indiana Seguros writes homeowners and life insurance - both individual and group, Liberty Mutual said.

The acquisition is subject to regulatory approval in Brazil.

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