Liberty Mutual

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Liberty Mutual Group
Company type Mutual. Private
Industry Insurance
FoundedJuly 1, 1912;111 years ago (1912-07-01) (as Massachusetts Employees Insurance Association)
Headquarters
175 Berkeley Street
Boston, Massachusetts
,
U.S.
Area served
Worldwide
Key people
Timothy M. Sweeney (President and CEO)
ServicesProperty and Casualty Insurance
RevenueIncrease2.svg $48.2 billion (2021) [1] [2]
Decrease2.svg $1.282 billion (2019)
Increase2.svg $3.068 billion (2021)
Total assets Increase2.svg $156.043 billion (2021)
Total equity Increase2.svg $27.848 billion (2021)
Number of employees
45,000+(2021)
Website libertymutualgroup.com
libertymutual.com

Liberty Mutual Insurance Company is an American diversified global insurer and the sixth-largest property and casualty insurer in the world. [3] It ranks 71st on the Fortune 100 list of largest corporations in the United States based on 2020 revenue. [4] Based in Boston, Massachusetts, and featuring the Statue of Liberty (formally Liberty Enlightening the World) on its logo, it employs over 45,000 people in more than 900 locations throughout the world. As of December 31, 2021, Liberty Mutual Insurance had $156.043 billion in consolidated assets, $128.195 billion in consolidated liabilities and $48.2 billion in annual consolidated revenue. [5] [6]

Contents

The company, founded in 1912, offers a wide range of insurance products and services, including personal automobile, homeowners, workers' compensation, commercial multiple peril, commercial automobile, general liability, global specialty, group disability, fire insurance and surety. [7] [8]

Liberty Mutual Group owns, wholly or in part, local insurance companies in Brazil, Chile, China (including Hong Kong), Colombia, Ecuador, India, Ireland, Malaysia, Portugal, Singapore, Spain, Thailand, the United Kingdom, and Vietnam. (In the UK, Liberty Mutual acts as the insurer for Countrywide Legal Indemnities). [9]

In the United States, Liberty Mutual remains a mutual company in which policyholders holding contracts for insurance are considered shareholders in the company. However, Liberty Mutual Group's brand usually operates as a separate entity outside the United States, where a subsidiary is often created in countries where legally recognized mutual-company benefits cannot be enjoyed.

The current CEO is Timothy M. Sweeney. He succeeded his predecessor David H. Long on January 1, 2023. [10] Long was preceded by Edmund "Ted" Kelly. [11] Kelly was appointed CEO in 1998, [12] and stepped down from the Board of Directors as chairman in April 2013. [13]

History

Early history

Liberty Mutual was founded in 1912 as the Massachusetts Employees Insurance Association (MEIA), following the passage of a 1911 Massachusetts law requiring employers to protect their employees with workers’ compensation insurance. [14] The company was founded as a mutual company, a structure in which an insurance company is owned by its policyholders. The first branch office was opened in 1914, and later that year, the company wrote its first automobile insurance policy. The name was changed in 1917 to the Liberty Mutual Insurance Company and, through partnerships, the company began offering full-coverage auto policies.

Structural changes

In 1964, Liberty Mutual Insurance Company began offering life insurance through its Liberty Life Assurance Branch. In 2002, the company converted into its current mutual holding company structure, which would allow it to offer stock while remaining a mutual company. The conversion was controversial, as some policyholders believed the change would dilute their interest in the overall company, reduce their voting control, and limit their dividends. A lawsuit was filed, alleging that information provided to policyholders was misleading. Liberty Mutual settled the lawsuit in December 2001, which required additional disclosure and limited certain compensation to company officers and directors. [15] Despite these concerns, the plan was approved by voting policyholders around November 2001. Leveraging the greater flexibility of the mutual holding company structure, Liberty Mutual transformed from a single-line, highly regional insurer to one of the world's leading property and casualty insurance companies. [16]

Growth and acquisitions

Liberty Mutual's growth has been both organic and through acquisition. Early acquisitions were small, but Liberty Mutual has made several large acquisitions over the past decade, including the high-profile acquisition of Safeco Corporation in 2008. Liberty Mutual agreed to acquire all outstanding shares of Safeco for $68.25 per share, for a total transaction price of approximately $6.2 billion. The result of this activity was an increase in revenue from $6 billion to over $30 billion in twelve years. In 1999, the company purchased Wausau Insurance Cos. [17]

Liberty Mutual created a 2006 television commercial depicting people doing good for others, reporting that the "overwhelming" positive response led to its decision to create the website The Responsibility Project. [18] Liberty Mutual is the sole corporate sponsor of the long-running PBS documentary series American Experience . In 2011, as part of the company's "Real America" campaign, the company introduced two new commercials featuring Sacagawea and Paul Revere. [19] [20]

In 2011, the company began constructing the Liberty Mutual Tower, a 22-story skyscraper as part of a headquarters expansion project. [21] The building received its certificate of occupancy in June 2013. [22]

In May 2017, Liberty Mutual Insurance completed its acquisition of Bermuda-based Ironshore Inc. from Fosun International Limited for $2.93 billion. [23] In October 2019, Liberty Mutual acquired Nationale Borg, Nationale Borg Reinsurance and AmTrust Insurance Spain, which are credit and surety reinsurance subsidiaries of AmTrust Financial Services. [24]

In July 2021, Liberty agreed to acquire State Auto Group for over $2 billion. [25] In August 2022, Liberty acquired AmGeneral Insurance Berhad, a Malaysia insurance company. [26] [27]

Organizational structure

Strategic business units

Liberty Mutual conducts all of its business through two strategic business units: US Retail Markets, and Global Risk Solutions. [28]

A Liberty Mutual booth at a street fair in Andover, Massachusetts. Liberty Mutual booth.jpg
A Liberty Mutual booth at a street fair in Andover, Massachusetts.

US Retail Markets

Passenger automobile, homeowners, life, annuity and other property and casualty insurance products are available via Liberty Mutual's US Consumer Markets line. These products are branded under the Liberty Mutual Insurance and Safeco names, and are distributed via a network of more than 2,300 sales professionals. Other distribution means are call centers, third-party producers and the company's own website. Over 10,000 insurance agencies across the U.S. carry Safeco-branded products. [29]

Global Risk Solutions

The Global Risk solutions insurance line offers commercial and specialty products, such as marine, energy, aviation, professional liability and crisis management, offered through 40 Liberty International Underwriters offices worldwide. In addition, Liberty International Underwriters provides global multi-line insurance and reinsurance written on its Lloyd's Syndicate 4472 platform. Global Specialty also includes reinsurance products offered through Liberty Mutual Reinsurance. [29]

Subsidiary companies

Liberty Mutual Research Institute for Safety

Founded in 1954, the Liberty Mutual Research Institute for Safety studied the occupational safety and health of workers. Its scientific contributions include machine safeguarding guidelines, the Cornell-Liberty Survival Car and ergonomic guidelines that have informed the basis for national and international safety standards. More recently, the institute developed the Workplace Safety Index, an annual ranking of the leading causes of the most disabling occupational injuries in the U.S.

The institute's scientists conducted field and laboratory experiments to study the major causes of work-related injury and disability, publishing their results in peer-reviewed scientific literature. Institute findings are the basis for safety programs, recommendations and software used by Liberty Mutual loss-control consultants to help policyholders enhance worker safety. The institute’s work was non-proprietary and available to the public. [31] [32] [33] [34] [35] [36] [37]

The institute closed in May 2017. [38]

Controversy

In 2006, Liberty Mutual employees in the Los Angeles area sued, claiming that the company had failed to pay their overtime salaries. They attempted to certify a class-action suit, but it was dismissed on technical grounds. [39]

In late 2012, the company won an appeal granting it the ability to not pay employees for work performed on an overtime basis. [40] Liberty Mutual relied on an amicus brief filed on behalf of the U.S. Department of Labor. [41] The court decided, based on the brief, that claims personnel are exempt "administrative employees" and not eligible for overtime pay. In late 2012, the Supreme Court of California depublished a contrary decision on the same issue. [42]

In 2012 and 2013, The Boston Globe published a series of articles concerning Liberty Mutual executives' excessive compensation and weekend trips using the company's fleet of five long-range corporate jets. [43] [44] [45] [46] [47] [48] [49] [50]

Advertising

LiMu Emu, a character that is represented using a real emu as well as through CGI, appears in some of Liberty Mutual's advertising beginning in 2019. [51] LiMu is also accompanied by Doug who tries to keep LiMu from acting up. On February 9, 2023, Liberty Mutual began advertising as Liberty at the end of its commercials.

Tanner Novlan has appeared in several commercials, alone as well as with "Doug", as a "struggling actor" who has trouble reciting basic facts about the company, especially its name ("Liberty Bibberty" and so on).

Various commercials are on a deck overlooking the New York Harbor with the Statue of Liberty in the background.

Climate Change

Academic Perspective

Several academic research studies have examined the insurance industry's role in climate change, focusing on underwriting practices and investment portfolios [52] . The research indicates that insurance companies like Liberty Mutual play a crucial role in promoting sustainability through their underwriting policies and investments [52] . Scholars argue that by refusing to insure or invest in industries contributing significantly to carbon emissions, insurers can influence global efforts to combat climate change [52] .

Environmental Controversies

Liberty Mutual has faced criticism from a wide variety of environmental groups and activists for insuring and investing in fossil fuel projects. These projects are among the most carbon-intensive forms of energy production, and their financial and insurance support are specific areas where insurers can directly combat climate change [52] .

In 2023, Liberty Mutual came under fire for its insurance coverage of the Trans Mountain tar sands oil pipeline in Canada from locals and climate activists, but it has so far refused to divest from the venture [53] [54] . In comparison, twenty-two multinational insurers have adopted policies limiting coverage for the tar sands oil industry due to climate and human rights risks [52] [54] .

In 2023, Ugandan and Tanzanian climate activists have called on Liberty Mutual to rule out support for the East African Crude Oil Pipeline (EACOP), which would be the world's largest heated crude oil pipeline, displacing thousands during its construction [53] [54] . Liberty Mutual has not rescinded support for the project, which is on the market for insurance coverage [53] .

Liberty Mutual has also been previously linked to offshore oil and gas drilling in Brazil and investment in coal-fired power in Southeast Asia [53] [54] .

According to 2023 statistics from the California Department of Insurance, Liberty had $2.3 billion invested in fossil fuel companies and is one of the largest insurers in the industry, collecting approximately $500 million in premiums yearly [55] . Additionally, 69% of Liberty Mutual board members have connections and have profited from these extractive industries [55] .

Liberty Mutual has faced economic reparations from the impacts of climate change. In 2023, Liberty had among the highest catastrophe losses among insurers in the United States, due to Hurricane Ian and other climate-fueled disasters [53] .

Current CEO Tim Sweeney works at Liberty Mutual's Boston headquarters, which is at risk of flooding if global temperatures warm above 3 degrees Celsius [53] .

Mitigation

Liberty Mutual has engaged with academic institutions and public policy initiatives to better understand and mitigate the risks associated with climate change [56] . This includes partnerships with research institutes to develop improved risk assessment models and contributions to industry-wide efforts to enhance resilience against climate change impacts [56] . In 2020, Liberty Mutual became the first U.S. property and casualty insurance company to join the United Nations Principles for Responsible Investment (PRI) [56] . Additionally, Liberty Mutual is a member of Ceres, a nonprofit consulting group aiming to build a sustainable future through financial services [56] . In 2022, Liberty Mutual partnered with the MIT Climate and Sustainability Consortium (MCSC), supporting the rapid implementation of effective infrastructure solutions to address climate change [57] .

Criticism and Challenges

Despite these efforts, Liberty Mutual has faced ongoing criticism from environmental groups and stakeholders who argue that the company's actions are insufficient relative to the scale of the climate crisis [57] . Critics focus on the continued underwriting and investment in fossil fuel projects and hail for more rapid and aggressive measures to divest from these industries [52] .

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References

  1. ↑ "2021 Financial Review" (PDF). Libertymutualgroup.com. Retrieved February 24, 2022.
  2. ↑ "Report of Independent Registered Public Accounting Firm" (PDF). Libertymutualgroup.com. Retrieved November 28, 2018.
  3. ↑ "As of 2021 Liberty Mutual is the sixth-largest property and casualty insurer globally". Fortune Media. October 2, 2021.
  4. ↑ "Forbes 500 2021". Fortune. Retrieved November 10, 2021.
  5. ↑ "2021 Financial Reports" (PDF). Liberty Mutual. February 24, 2022.
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  7. ↑ Archived May 23, 2009, at the Wayback Machine
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  9. ↑ "Countrywide Legal INdemnities - our insurer" . Retrieved April 14, 2024.
  10. ↑ Hemenway, Chad (June 9, 2022). "Liberty Mutual passes the torch". Insurance Journal . Retrieved October 10, 2023.
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  12. ↑ Talcott, Sasha. "Insurance firm chief gets $27m in 2009". The Boston Globe . Retrieved July 10, 2015.
  13. ↑ Luna, Taryn (April 10, 2013). "Liberty Mutual's Ted Kelly stepping down as chairman". The Boston Globe. Retrieved July 10, 2015.
  14. ↑ "Liberty Mutual Timeline". Insuranceusa.com. July 1, 1912. Retrieved July 11, 2015.
  15. ↑ Mark Hollmer (December 25, 2001). "Liberty Mutual Settles Consumer Suit Critical Of Conversion" (PDF). Insurance Times. Retrieved March 10, 2018.
  16. ↑ "Liberty Mutual Insurance Group". Fortune. Archived from the original on May 1, 2019. Retrieved March 26, 2018.
  17. ↑ Coccia, Regis (January 22, 2009). "Liberty Mutual forms midmarket unit, retires Wausau name". Business Insurance . Retrieved July 10, 2015.
  18. ↑ "Liberty Mutual". The Responsibility Project. Retrieved July 11, 2015.
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  20. ↑ "Liberty Mutual (PBS) - Sacagawea". Vimeo. Retrieved March 26, 2018.
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  23. ↑ "Liberty Mutual details structure, leadership after Ironshore deal – Business Insurance". Business Insurance. Retrieved September 28, 2017.
  24. ↑ "Liberty Mutual Completes Acquisition of 3 AmTrust European Businesses". Insurance Journal. October 4, 2019. Retrieved January 2, 2020.
  25. ↑ Reyes, Max; Dickson, Steve (July 12, 2021). "Liberty Mutual Agrees to Purchase State Auto at 200% Premium". Bloomberg. Retrieved July 27, 2021.
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  27. ↑ admin (August 1, 2022). "Liberty Mutual Insurance Acquires Malaysian Insurer AmGeneral". Insurance Journal. Retrieved August 1, 2022.
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  29. 1 2 "Business Insurance Services and Career Information". Liberty Mutual Group. December 31, 2014. Archived from the original on July 12, 2015. Retrieved July 11, 2015.
  30. ↑ "Liberty Mutual closes on $1 billion acquisition of State Auto Financial".
  31. ↑ Lewis, Diane E. (June 28, 2004). "Lab aims to cut rate of injuries on the job – The Boston Globe". Boston.com. Retrieved July 11, 2015.
  32. ↑ "Playing it safely: Liberty Mutual's Research Institute for Safety-celebrating its 50th birthday this month-has been at the forefront of the battle against occupational injuries in the United States. In the next 50 years, it will continue to flex its muscles around the world. - Free Online Library". Thefreelibrary.com. Retrieved July 11, 2015.
  33. ↑ Withrow, David (July 13, 2004). "In-running nip point hazards". TheFabricator.com. Retrieved July 11, 2015.
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  41. ↑ "Harris Amicus Brief, in support of defendants-real parties in interest". Dol.gov. Retrieved July 11, 2015.
  42. ↑ "California Supreme Court Depublishes Case Holding That Insurance Adjusters Are Nonexempt Employees | Manatt, Phelps & Phillips, LLP". JDSupra. November 5, 2012. Retrieved July 11, 2015.
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  45. ↑ McGrory, Brian (October 5, 2012). "Perspectives Can Change at Liberty Mutual". The Boston Globe.
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  47. ↑ "An untimely award – Metro". The Boston Globe. April 20, 2012. Retrieved July 11, 2015.
  48. ↑ "The viewfrom the top – Metro". The Boston Globe. June 13, 2012. Retrieved July 11, 2015.
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  51. ↑ Heldenfels, Rich (July 19, 2019). "Television mailbag: Is that a real emu in Liberty Mutual commercials?". Akron Beacon Journal . Retrieved July 23, 2019.
  52. 1 2 3 4 5 6 Global, Insure Our Future (June 10, 2019). "Insuring Oil and Gas Briefing Paper". Insure Our Future Global. Retrieved April 29, 2024.
  53. 1 2 3 4 5 6 "Lexis® - Sign In | LexisNexis". signin.lexisnexis.com. Retrieved April 29, 2024.
  54. 1 2 3 4 "Nexis Uni® - Sign In | LexisNexis". signin.lexisnexis.com. Retrieved April 29, 2024.
  55. 1 2 "Lexis® - Sign In | LexisNexis". signin.lexisnexis.com. Retrieved April 29, 2024.
  56. 1 2 3 4 Allies, Energy. "Energy Allies Receives $100,000 Grant from Liberty Mutual Foundation". www.prnewswire.com. Retrieved April 29, 2024.
  57. 1 2 Liberty Mutual (2022). "Liberty Mutual Sustainability Review 2022" (PDF).

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