Liberty Mutual Insurance has introduced Liberty WorldWise, a new insurance product tailored for mid-size companies grappling with international operations. According to a press release, Liberty WorldWise offers customized solutions through advanced controlled master programs, particularly for businesses with foreign employees or overseas operations.
Marc Orloff, president of Liberty Mutual’s Middle Market division, highlighted the product’s aim to meet the specific needs of American mid-size firms with global footprints. He explained: “Agents and brokers can work with our dedicated underwriters to solve the specific challenges facing an account, from robust business travel coverage to sophisticated controlled master programs with local policies meeting county-specific regulations.”
Industries like manufacturing, technology, life sciences, and finance, which heavily rely on global supply chains, production, research, and administrative support, are expected to benefit significantly from this specialized insurance approach.
Liberty WorldWise is Liberty Mutual’s first offering dedicated to its Middle Market division clients. According to the press release, Marc Orloff, who assumed leadership of the division in February 2023, leads a team known for deep industry expertise in providing comprehensive risk management solutions tailored to the specific needs of mid-size enterprises.
In the first quarter of 2024, Liberty Mutual reported revenues of $12.475 billion, up from $11.928 billion in Q1 2023. Pre-tax operating income surged to $1.267 billion, contrasting sharply with a loss of $169 million in the same period last year. Consolidated net income from continuing operations reached $878 million, marking a significant improvement from a loss of $182 million in Q1 2023.
Despite anticipated catastrophe losses, which were managed within expectations, Liberty Mutual’s total combined ratio improved to 95.8% in Q1 2024, down from 104.2% in the previous year. President and CEO Tim Sweeney emphasized ongoing expense management efforts that contributed to a 2.5 point reduction in the consolidated expense ratio, standing at 26.3% as of mid-May.
Founded in 1912 and headquartered in Boston, Liberty Mutual Insurance ranks as the eighth-largest global property and casualty insurer, with its annual consolidated revenue reaching $49.4 billion in 2023. It employs over 45,000 individuals across 29 countries and offers diverse insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers' compensation, commercial automobile, general liability, surety, and commercial property insurance.
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