Liberty Mutual Group Expects $200M-$300M Loss from Terrorist Attacks

September 20, 2001

Liberty Mutual Group announced it expects net after-tax loss for the company’s U.S. and global operations will be in the range of $200 to $300 million from the Sept. 11 terrorist attacks. The company is prepared to pay workers’ compensation, commercial property, business interruption, commercial auto, general liability, personal auto, homeowners and life insurance claims.

“The entire Liberty Mutual family wishes to extend our deepest condolences to all those affected by last Tuesday’s tragic events,” stated Edmund F. Kelly,

Liberty Mutual Group chairman, president and chief executive officer. “We have the financial strength to absorb these losses and are already meeting our obligations to help our policyholders recover as quickly as possible.” Liberty Mutual Group is not invoking the “war acts” exclusion in these circumstances for commercial or personal insurance claims arising from the Sept. 11, 2001, terrorist attacks.

“We have a very strong capital position and the liquidity to meet our obligations to policyholders,” Kelly stated. “These situations are what we are in business to handle.”

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