Liberty Mutual
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The product was made through a partnership with technology provider Safehub.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The quarterly performance was driven by the global retail market unit which reported $892mn in catastrophe losses during the quarter.
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The new 2022 stat data shows personal lines premium has grown year-over-year, but the loss ratios have been hit hard by catastrophes and loss cost inflation.
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2022 statutory data is now available, and results show winners and losers
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The US mutual cut back its 1.1 reinsurance program, according to sources.
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The improvement was driven by higher earned premium and lower employee-related costs, as well as more favorable cat-loss development.
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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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The unit will be led by GRS insurance solutions president Liz Geary, until the appointment of a global head of cyber, who will report to her.
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In this newly created position, Korte will report to GRS NA CUO Brandon Fick.
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In his new position, the executive will report to GRS North America specialty president Matt Dolan.
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Increased interest rates and unfavorable market conditions led to reduction in capital issuance activity in the P&C insurance industry in 2022.
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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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The Boston-headquartered mutual is understood to have recently pitched potential acquirers of the LatAm assets.
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In her new role, Sutton will report to GRS COO Susanne Figueredo Cook and GRS North America president Kevin Smith.
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The carrier is reportedly looking to sell its operations in Spain, Portugal and Ireland.
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The appointment completes the CUO team at Liberty Mutual’s Global Risk Solutions office of underwriting.
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The proportion of notifications reporting high severity ($10mn+) remains unchanged at 9%, according to the report.
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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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The increases were driven by higher US non-cat losses, primarily due to personal auto, personal property and business lines, as well as higher current-year losses in global risk solutions.
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The Massachusetts Bay Transportation Authority claims the firms failed to act over the bankruptcy of LMH-Lane Cabot Yard Joint Venture.
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Claims analysis shows slow reactions to negative trends can affect several quarters, but carriers who emerge strong will be able to pursue growth faster than the competitors who are always playing catchup on loss cost trends.
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Both Chu and Leahy will report to GRS president of underwriting Matthew Moore.
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The company acquired Ironshore from Fosun in a $2.9bn deal that closed in May 2017.
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Kevin Smith was most recently president and COO of CNA's specialty business.
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The hydrogen industry is a key pillar of the energy transition, but securing insurance coverage is challenging.
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Ottaviano was most recently chief risk officer with Aspen Insurance, while Rodriguez has been with Liberty Mutual for 13 years.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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The company is taking rate to offset rising costs, foresees return to CoR in “mid-90s” over next two years.
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Fick joins the Boston-based mutual after nearly 24 years at Zurich NA, where he was CUO for the last four years.
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The underwriting executive is taking on a role within the company’s GRS unit, where she will report to president Moore.
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The executive is staying on through the end of the year as an adviser.
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Sweeney was also appointed to the mutual’s board of directors, effective immediately, as he is set to become Liberty’s 10th CEO in its 110-year history.
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Excessive litigation costs and continued losses threaten the Sunshine state’s market.
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Other defendants in the complaint include Endurance, Great American Insurance, Ironshore, Ace American Insurance and TIG Insurance.
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Rate rises in the commercial lines market have decelerated in most insurance markets, but executives expect increases to remain above loss costs for some time.
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Pre-tax catastrophe losses in the quarter were $656mn, down from $1.0bn in the previous year quarter.
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The GRS unit has also appointed Matthew Moore as underwriting president.
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State Auto distributes personal and small commercial coverages in 33 states through roughly 3,400 independent agents.
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The Boston-based company reported increased severity from both personal and commercial auto lines, reflecting broad industry trends.
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According to a recent M&A risks market report, nearly 70% of US transactions use R&W coverage and four out of five PE deals in North America use M&A insurance.
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Liberty writes warranty and indemnity/representations and warranties, tax liability and contingent legal risk coverage in the US.
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Data from Apple and Google show that Omicron has slowed the return to driving in some of the largest states by premiums.
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Commercial lines loss ratios may move slightly higher, while personal auto carriers see the light at the end of the loss-cost tunnel.
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Inside P&C dissects the biggest deals of the year across broking, commercial lines and InsurTech.
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Kim Garland is currently senior vice president of personal and commercial lines and managing director of venture capital fund State Auto Labs.
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Liberty Mutual has appointed Adam Pancoast to lead the excess and surplus (E&S) primary casualty business at Ironshore, to help spearhead growth in the E&S casualty market.
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The Boston insurer cut the underlying loss ratio in its Global Risk Solutions by 6.5 points, which was more than offset by the jump in cats.
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Based in Chicago, the executive will report to global risk solutions president Mike Fallon.
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Trucking companies, having already increased self-insured retentions by millions, will need to contend with further rate increases into 2024.
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With predicted $20bn in losses, KBW doesn’t see meaningful change to the rate increase trajectory.
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The newcomers are finding it more difficult to disrupt the sector than they had expected.
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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.