Liberty Mutual

Liberty Mutual Group
Company typeMutual. Private
IndustryInsurance
FoundedJuly 1, 1912; 112 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
RevenueIncrease $48.2 billion (2021)[1][2]
Decrease $1.282 billion (2019)
Increase $3.068 billion (2021)
Total assetsIncrease $156.043 billion (2021)
Total equityIncrease $27.848 billion (2021)
Number of employees
45,000+(2021)
Websitelibertymutualgroup.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]

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]

  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.
  6. ^ "About Liberty Mutual Insurance". Liberty Mutual. Retrieved February 24, 2022.
  7. ^ [1] Archived May 23, 2009, at the Wayback Machine
  8. ^ "Liberty Mutual Holding Company Inc". Bloomberg Businessweek. Archived from the original on December 5, 2007.
  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.
  11. ^ "National Safety Council Honors Liberty Mutual; Says on Workplace Issues, CEO Kelly 'Gets It'". Insurance Journal. March 31, 2005. Retrieved July 10, 2015.
  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.