Confirming various online reports in an email to Agency Checklists, Liberty Mutual has announced additional layoffs of approximately 250 employees in 2024.
“As we continue the transformation journey, we embarked on in 2023,” explained a Liberty Mutual spokersperson, “…[s]ome areas of our business are adapting their organizational structures. When these changes occur, there may be people impacts across functions in our business units as well as other corporate groups.”
This latest announcement follows the news in November that the Boston-based insurer would be laying off approximately 850 people or 2% of its global workforce. In terms of its impact to Massachusetts, Liberty Mutual says that less than 1.4% of its Bay state workforce will be affected.
“We did notify some employees of position eliminations last week. Approximately 250 positions – roughly 0.5% of our global population and less than 1.4% of our Massachusetts workforce – are impacted, most of which are effective in April or May. We aim to minimize the actual reduction by offering opportunities to many of these impacted individuals. Employees unable or choosing not to pursue other positions in the organization will be eligible for severance and outplacement assistance.
In total, the top 25 Property & Casualty insurer has announced the elimination of almost 1,500 positions since the start of 2023.
Part of a multi-year plan for the Boston-based insurer
Commenting further on the recent layoffs, the Liberty Mutual spokesperson emphasized the company’s transparency about its plans for transformation.
“We have been transparent with our employees that we are on a multi-year transformation to ensure our organization is set up for future success and to address the rise of emerging risks. This means we are reimagining and optimizing our business – including our product portfolio, an intentional focus of our global footprint, and investment in innovation and capabilities – while prioritizing our efforts to focus on how we can provide the most value for our customers, agents, brokers and partners.”