Liberty Mutual
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Chres Lee was previously M&A counsel for Liberty Global Transaction Solutions.
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Based in Miami, the executive has worked at Liberty Mutual for nearly 13 years.
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The company has no immediate plans to re-deploy proceeds from recent sales in Europe and LatAm.
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The company provides reinsurance to insurers in LatAm and the Caribbean.
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The carrier laid off approximately 850 staff late last year.
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As part of Liberty Specialty Markets, John Krupczak will report to Manuel Moreno.
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In his new role Bolaños will report to both Matthew Moore, Liberty Global Risk Solutions (GRS) president of underwriting, and to Phil Hobbs, LSM president and MD.
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In this new role, she will manage cyber product and underwriting strategy across the globe, reporting to Matthew Hogg, global product leader, cyber.
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It is understood that the cuts are based on a review of five-year loss ratios, and that agents above 70% will be impacted.
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The underwriter will work in the retail property team at BHSI serving the central region.
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As part of the US standard casualty team, she will develop and manage a portfolio of assumed casualty treaty reinsurance business.
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The Inside P&C news team runs you through the earnings results for the day.
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Liberty GTS noted a fall in the proportion of R&W notifications where the potential loss exceeds the retention in the last 12 months as compared to the preceding 12 months.
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The cuts amount to roughly 2% of the insurer’s US workforce.
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The executive has 15 years of underwriting experience and most recently led Liberty Mutual’s North America specialty primary casualty business.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Aggregate pricing for GRS North America increased 12.1% with a rate hike of 9.6%, exceeding loss cost trends of 8.4%. Competition retaining quality accounts partially offset these increases.
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The Inside P&C news team runs you through the earnings results for the day.
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She succeeds Noel MacCarthy, who announced his retirement earlier this year.
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It will also start non-renewing its current book in this line of business beginning in December.
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The company also announced that Asia retail markets will join global risk solutions and that it was launching its enterprise transformation and solutions unit.
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Johnson will assume the role July 3, taking over from Marc Orloff.
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The sale includes Liberty Seguros operations in Ireland, Northern Ireland, Portugal and Spain.
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Talanx said the transaction will make the company the third-largest P&C insurer in Latin America.
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