Liberty Mutual Group was founded in 1912 and is usually known for its main business-Liberty Mutual Insurance. Headquartered in Boston, Massachusetts, with more than 50,000 full-time employees, it is a diversified global insurance company in the United States. The company is also the fourth largest property and accident insurance company in the United States. Based on 2013 revenue calculations, it ranks 76th in the US Fortune 100 list.
Liberty Mutual Group Company:
Liberty Mutual Group owns all or part of local insurance companies in Argentina, Brazil, Chile, China (including Hong Kong), Colombia, Ecuador, India, Ireland, Poland, Portugal, Russia, Singapore, Spain, Thailand, Turkey, United Kingdom, Venezuela and Vietnam .
In the United States, Liberty Mutual is still a joint company, and policyholders holding insurance contracts are regarded as shareholders of the company. However, outside the United States, the Liberty Mutual Group usually operates as a separate entity. In other countries, the laws of many countries do not recognize joint company rights, so they generally operate through subsidiaries.
The current CEO of Liberty Insurance Group is David H. Long. He took over Edmund (Ted) F. Kelly on June 29, 2011. Ted Kelly was appointed as the company’s CEO in 1998. In April 2013, Ted Kelly Li resigned as chairman of the board of directors.
As of December 31, 2016, Liberty Mutual Insurance had consolidated assets of US$121.7 billion, consolidated liabilities of US$102.5 billion, and annual comprehensive income of US$38.3 billion. Liberty Insurance provides various insurance products and services, including personal automobiles, homeowners, workers’ compensation, commercial multi-insurance, commercial automobiles, general liability insurance, global special insurance, group disability, fire insurance, etc.
Liberty Mutual Group’s subsidiary:
- Helmsman Management Services
- Liberty County Mutual Insurance Company
- Liberty International Underwriters (LIU)
- Liberty Mutual Surety (LMS)
- Liberty Mutual Reinsurance (LMR)
- Liberty Specialty Markets (LSM)
- Liberty Mutual Agency Corporation
- American Fire & Casualty
- America First Insurance
- Colorado Casualty
- Consolidated Insurance Company
- Golden Eagle Insurance
- Indiana Insurance
- Liberty Mutual Surety
- Liberty monster
- Liberty SuretyFirst
- Montgomery Insurance
- Ohio Casualty
- Ohio Security
- West American
- Peerless Insurance
- Ironshore (acquired in 2016)
- Peerless Insurance
Liberty Mutual Group History:
- In 1912, the company was founded as the Massachusetts Employees Insurance Association (MEIA).
- In 1917, the company changed its name to Liberty Mutual Insurance Company.
- In 1964, Liberty Mutual Insurance Company began to provide life insurance through the Liberty Life Assurance Branch.
- In 1999, Liberty Insurance Company acquired Wausau Insurance Cos.
- In 2002, Liberty Insurance Company was transformed into the current joint holding company structure.
- In 2008, Liberty Mutual Insurance acquired Safeco Corporation for approximately US$6.2 billion.
- In 2011, Liberty Mutual Insurance Company began construction of a 22-story skyscraper Liberty Mutual Tower as part of its global headquarters expansion project. The building received a certificate of occupancy in June 2013.
- In May 2017, Liberty Mutual Insurance completed the acquisition of Ironshore Inc. located in Hamilton, Bermuda from Fosun International Limited (Fosun International Limited) for US$2.93 billion .