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21st January 2018
Liberty Mutual to sell Liberty Life and regroup P&C businesses
Liberty Mutual has entered into a definitive agreement to sell Liberty Life Assurance Company of Boston, which provides group disability, group life, individual life and annuity products, to Lincoln Financial Group for approximately $3.3bn. The companies expect to complete the transaction in the second quarter of 2018, pending regulatory approvals and other customary closing conditions.
"The sale of the life company allows us to fully focus on our property and casualty business. The realignment will make it easier for our customers to access the full breadth of the personal, commercial, specialty and reinsurance products that Liberty has to offer," said David H. Long, Liberty Mutual chairman and ceo.
In order to enhance its ability to meet the changing needs of consumer and commercial customers, Liberty Mutual will realign into two major P & C businesses, Global Risk Solutions and Global Retail Markets.
Global Risk Solutions(GRS) will bring together Liberty Mutual's Global Specialty, Ironshore, National Insurance and the Global Reinsurance Strategy Group into a single entity.
The combined GRS will face the market as a unified force with global reach, a full complement of products and capabilities, and the scale needed to deliver top quality, competitively priced solutions to its customers.
Dennis J. Langwell, currently Liberty Mutual's cfo, will lead GRS. Kevin H. Kelley, currently ceo of Ironshore, will assume the role of vice chairman, Global Risk Solutions, and report to Long.
Global Retail Markets(GRM) will combine Liberty Mutual's existing Global Consumer Markets with its Business Insurance and Accident & Health organisations formerly in Commercial Insurance.
Liberty's GRM business will deliver a full suite of individual motor, property and A & H products to consumers as well as commercial products to small businesses in an easy to transact, streamlined, price competitive manner.
Timothy Sweeney, currently president of Global Consumer Markets, will lead GRM.
Christopher L. Peirce, currently president of Global Specialty, will become Liberty's cfo. Other Corporate functional areas will continue to be led and operated without any changes.
Liberty Mutual Trends(124 articles)