Signs Definitive Agreement Today with Lincoln Financial Group to Sell Liberty Life Assurance Company of Boston as it Focuses on Core Property & Casualty Strengths
Appoints Christopher Peirce Chief Financial Officer; Current CFO Dennis Langwell to Lead New Global Risk Solutions Business
BOSTON, Jan. 19, 2018 /PRNewswire/ -- Earlier today Liberty Mutual entered into a definitive agreement to sell Liberty Life Assurance Company of Boston, which provides group disability, group life, individual life and annuity products, to Lincoln Financial Group for approximately $3.3 billion. The companies expect to complete the transaction in the second quarter of 2018, pending regulatory approvals and other customary closing conditions.
"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.
In order to enhance its ability to meet the changing needs of consumer and commercial customers, Liberty Mutual will realign into two major P & C businesses, Global Risk Solutions and Global Retail Markets.
Global Risk Solutions (GRS) will bring 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) will combine Liberty Mutual's existing Global Consumer Markets with its Business Insurance and Accident & Health organizations formerly in 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.
About Liberty Mutual Insurance
Liberty Mutual's purpose is to help people embrace today and confidently pursue tomorrow. Keeping this promise means we are there when our policyholders throughout the world need us most.
In business since 1912, and headquartered in Boston, Mass., today we are a leading global insurer with operations in 30 countries and economies around the world. We are the fourth largest property and casualty insurer in the U.S. based on 2016 direct written premium data as reported by the National Association of Insurance Commissioners. We also rank 75th on the Fortune 100 list of largest corporations in the U.S. based on 2016 revenue. As of December 31, 2016, we had $38.3 billion in annual consolidated revenue.
We employ more than 50,000 people in over 800 offices throughout the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, commercial automobile, general liability, property, surety, workers compensation, specialty lines, and reinsurance.