Liberty Mutual
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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. -
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.
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The carrier’s income from partnerships and other investments grew by more than eightfold year on year to $838mn.
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The Harvard Business School professor and co-founder of a sustainable business consulting firm joins as companies prioritize ESG initiatives.
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Market heavyweights gave their views on subjects including loss costs, M&A, InsurTech and pricing.
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Wesley Hyatt has worked at the carrier for over 15 years, most recently as manager of its workers’ comp claims unit.
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The carrier believes the rising casualty claims count will continue post-Covid-19.
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Partnerships, LLC and other investment income contributed $494mn to the carrier’s pre-tax result.
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