Liberty Mutual is slashing about 250 jobs, with most of the layoffs taking effect in the second quarter.
The job cuts are the latest in multiple rounds of layoffs resulting from a reorganization that started last year, according to a report by AM Best.
“Some areas of our business are adapting their organizational structure,” a spokesperson for Liberty Mutual told AM Best.
Employees impacted by the latest cuts are in Liberty Mutual’s US retail markets and global risk solutions units, as well as other corporate groups.
The layoffs will impact about 0.5% of Liberty Mutual’s global workforce of 50,000, AM Best reported. The insurer’s spokesperson told AM Best that there are plans to minimize the reduction by offering many employees alternatives within the company.
Employees who are unable to take a new position or choose not to will be eligible for severance and outplacement assistance, AM Best reported.
“We have been transparent with our employees that we are on a multiyear transformation to ensure our organization is set up for future success and to address the rise of emerging risks,” the spokesperson said. “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.”
Liberty Mutual cut about 2% of its workforce – around 850 positions – at the end of last year, AM Best reported. Those cuts brought the company’s total layoffs for 2023 to around 1,200.
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