Liberty Mutual
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The newcomers are finding it more difficult to disrupt the sector than they had expected. -
The broker’s panel includes Chubb, Hiscox, Liberty, Markel, and Travelers.
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Net income grew to $769mn as pre-tax net investment rocketed to $1.4bn and catastrophe claims fell to $660mn from $878mn last year.
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The division provides cover to personal lines customers and small businesses in the US under the Liberty Mutual and Safeco Insurance brands.
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While the pandemic offered some relief to commercial auto insurers, maintaining margins will be tricky to achieve given rate moderation.
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The merged AmGeneral and Liberty Insurance Berhad operations will create the largest auto insurer and second-largest P&C insurer in Malaysia.
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The deal is the latest in a spate of personal lines M&A, with Allstate and State Farm also active acquirers.
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The transaction transforms Liberty into the second largest player in the US IA market.
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The total volume of surety bonds impacted by the bankruptcy is likely to exceed $500mn, including $19.5mn of surety exposure for Intact Financial’s One Beacon.
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Travelers, Liberty Mutual, State Farm and Allstate announced suspension of donations in January, but have now re-started financial backing for elected officials.
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The new appointments comprise several senior promotions, with Tim Sweeney assuming oversight of the firm’s three business units as president.
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The executive takes the role previously held by Lainie Dorneker, who became the head of healthcare for start-up Bowhead Specialty in April.
