The Boston-based insurer also has announced a realignment of the company’s Global P&C operations
On January 19th, Liberty Mutual announced that it had entered into a definitive agreement to sell the Liberty Life Assurance Company of Boston. Liberty Life, which provides group disability, group life, individual life and annuity products, is being sold to Lincoln Financial Group in a deal worth approximately $3.3 billion. Pending regulatory approvals, the deal is expected to close in the second quarter of 2018.
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 Chief Executive Officer.
Liberty Mutual also is realigning its core P&C businesses
According to the insurer, upon completion of the sale of its Life Company, Liberty Mutual realign into two major P&C businesses, Global Risk Solutions and Global Retail Markets.
The businesses will be structured as follows:
Global Risk Solutions (GRS)
The new Global Risk Solutions Group will group 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 our customers.
- Dennis J. Langwell, currently Liberty Mutual’s Chief Financial Officer, will lead GRS. Kevin H. Kelley, currently Chief Executive Officer of Ironshore, will assume the role of Vice Chairman, Global Risk Solutions, and report to David Long, Liberty Mutual’s Chairman and Chief Executive Officer.
Global Retail Markets (GRM)
This second of these new business will be comprised of Liberty Mutual’s existing Global Consumer Markets along with its Business Insurance and Accident & Health organizations, which had formerly been aligned in the insurer’s 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 Chief Financial Officer. Other Corporate functional areas will continue to be led and operated without any changes.
