Carlos Vanegas, CEO of Liberty Insurance, said that the capital increase would help the firm continue to invest in information technology, human resource training, product diversification and service quality improvement in order to be one of the top five non-life insurers operating in Vietnam.

After five years of operation, Liberty Insurance now ranks seventh in terms of insurance premiums among 29 non-life insurance firms in Vietnam.

According to a recent survey conducted by the consulting firm Cimigo with over 1,000 automobile insurance buyers nationwide, Liberty was the most favorite automobile insurer with over 82% of customers saying they were satisfied with its service quality.

Liberty Insurance is a 100%-U.S.-invested non-life insurance firm and a member of Liberty Mutual Insurance.

Liberty Mutual ranked 82nd among the 100 largest groups in the U.S. based on revenues in 2010 with total assets worth US$112.4 billion and total revenues of US$33.2 billion.