Liberty Mutual Insurance
Lines of Insurance:
Auto, Homeowners
States licensed to sell insurance in:
AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VT, VA, VI, WA, WV, WI, WY
Type of Insurance Company: The holding company is a mutual insurance company
Name of Parent Company:
Liberty Mutual Group
Insurance subsidiaries:
Liberty Mutual Insurance Company
Liberty Mutual Fire Insurance Company
Employees Insurance Company of Wausau
Liberty Mutual Life Assurance Company of Boston
and may others.
Company Overview:
Company History: Liberty Mutual Group (LMG) is a global insurance company specializing in consumer and business insurance lines, namely private and commercial auto insurance, homeowners, workers compensation, commercial multiple peril (such as fire & theft), general liability, global specialty products, group disability and surety. LMG is among the top ten writers of “commercial lines” and “personal lines” insurance. LMG sells in every state of the union although not all of its lines may be available in each state. Liberty Mutual’s reputation for service is generally good. The company began almost a hundred years ago as a workers compensation company and has grown internally and by acquisition. In recent years it has frequently formed or bought companies to enter new areas.
Principal Methods: Liberty mutual sells primarily through it’s own agent force and some independent brokers. The company has over 900 offices in 17 countries and about 38,000 employees worldwide.
Auto Business: Liberty Mutual’s largest line of business is insuring private automobiles. Liberty Mutual Holding Company, Inc. is the parent company with at least thirty-eight (38) subsidiarie, with Liberty Mutual Insurance Company, Liberty Mutual Fire Insurance Company and Employees Insurance Company of Wausau being the three main subsidiaries. Private Auto represents 34% of total premiums.
Homeowners Business: Homeowners represents about 10% of total written premiums.
Company Rating:
Best Insurance Reports: A
Best Rating: Liberty Mutual recieves among the best ratings from Best’s Insurance Reports and other financial analysts that follow and rate insurance companies. Liberty Mutual Group’s Best 2005 rating is “A” and outlook “Stable.” Interestingly enough, however, another rating service, Weiss Ratings Guide rates one of LMG’s subsidiaries, Liberty Mutual Life Assurance Company of Boston as only a “C+,” “Fair.”
Company Financial Status:
Assets & Premiums: Liberty Mutual Group claims total assests of about $78 billion dollars and the assets have been rising over the last five years. The amount of premiums LMG writes (new business) has also been rising over the same period as well as its income on its operations. Income did take a big hit from losses in the year 2001. Its international business is growing and contibutes almost 20% to overall operations.