July 31, 2014 11:26 PM ET

Insurance

Company Overview of Liberty Mutual Insurance Company

Company Overview

Liberty Mutual Insurance Company provides insurance products and services for restaurants, hotels, manufacturing businesses, and individuals and their families. It offers personal insurance products, such as auto, home, renters, condominium, and life insurance; and business insurance products, including small-midsize business coverages, large business coverages, specialty lines, employee benefits, and surety bonds. The company serves customers in agriculture/farm, building maintenance, construction, education, energy, financial services, food and beverages manufacturing, healthcare, hospitality (hotels), manufacturing, printing and publishing, real estate, religious organizations, restaurant...

175 Berkeley Street

Ninth Floor

Boston, MA 02116

United States

Founded in 1912

Phone:

617-357-9500

Fax:

617-350-7648

Key Executives for Liberty Mutual Insurance Company

Chairman
Age: 53
Executive Vice President of Commercial Markets
Executive Vice President and President of Commercial Insurance
Age: 53
President of National Insurance Operations - Commercial Insurance
President of Southwest Region
Compensation as of Fiscal Year 2014.

Liberty Mutual Insurance Company Key Developments

Liberty Mutual Insurance Reaches Definitive Agreement with National Indemnity Company

Liberty Mutual Insurance reached definitive agreement with National Indemnity Company ('NICO') on a combined aggregate adverse development cover for substantially all of Liberty Mutual Insurance's U.S. workers compensation, asbestos and environmental liabilities, attaching at approximately $12.5 billion of combined aggregate reserves with an aggregate limit of $6.5 billion. At the closing of this transaction, but effective as of January 1, 2014, Liberty Mutual Insurance ceded approximately $3.3 billion of existing liabilities under a retroactive reinsurance agreement. NICO will provide approximately $3.2 billion of additional aggregate adverse development cover. Liberty Mutual Insurance paid NICO total consideration of approximately $3.0 billion. The agreement covers Liberty Mutual Insurance's potentially volatile U.S. asbestos and environmental liabilities arising under policies of insurance and reinsurance with effective dates before January 1, 2005, as well as Commercial Insurance's workers compensation liabilities as respects injuries or accidents occurring before January 1, 2014. NICO will assume responsibility for claims handling related to Liberty Mutual Insurance's asbestos and environmental claims. Liberty Mutual Insurance will continue to handle all workers compensation claims. This transaction will be accounted for as retroactive reinsurance in Liberty Mutual Insurance's GAAP consolidated financial statements and results in a pre-tax loss of approximately $130 million as of the effective date, which will be included in third quarter results.

Liberty Mutual Insurance Appoints Constance Bayne as President of Mid-Atlantic Business Insurance Region

Liberty Mutual Insurance has appointed Constance Bayne to President of its Mid-Atlantic Business Insurance operations. Ms. Bayne will be responsible for the profitable growth of business in the region that includes Delaware, Kentucky, Maryland, Ohio, Pennsylvania, Virginia, Washington D.C. and West Virginia. She will be based in the region's home office in Fairfield, Ohio. Ms. Bayne's career with Liberty Mutual spans more than 25 years. Most recently she served as Senior Vice President and Manager of Commercial Insurance Underwriting Operations. In this capacity, she managed underwriting technical consulting, quality assurance, support services and systems as well as risk control services, process improvement, and compliance.

Liberty Mutual Insurance Appoints Viji Rangaswami as VP of Federal Affairs

Viji Rangaswami will join Liberty Mutual Insurance Co.'s public affairs office in Washington, D.C., by the end of December 2013 as vice president of federal affairs, focusing on international issues. Rangaswami served as staff director at the U.S. House of Representative's Committee on Ways and Means Trade Subcommittee from 2009 to 2012.

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