I know Liberty Mutual has a lot of smart people working for them. Investing in Venezuela may not have been the smartest thing to do. That country and its economy has been a shambles for a long time. Just because Chavez is gone will not make it any better unless the current government is overthrown and free market is installed with a stable government.
I recently attended a meeting with Liberty Mutual and listened to their spiel about their capabilities. We had America First for Commercial & Safeco for Personal Lines. America First has been disappointing with underwriting and pricing. Eventually, the underwriting will be under Liberty Agency Underwriting, but we see no increased ability to underwrite and price business with them yet. We do well with Safeco who was clearly helped when Liberty bought them. Liberty still sells direct on Personal & Business so one wonders what they are thinking sometime. They have acquired several stock companies and put them under their banner. I guess it will come out in the wash and we will figure out where they are coming from in the near future.
The company invested in the Venezuelan government that is run by a communist dictatorship, looses money and now we are seeing the underwriting fallout. So the failure of the Venezuuelan economy is affecting the availability and affordability of insurance for American citizens. Something’s wrong here and it seems domestic insurers should not be permitted to invest in foreign countries, especialy those that are hostile towards our country or our system.
hold on… Liberty Mutual invested more than a billion dollars in the good faith and credit of Hugo Chavez?
I know Liberty Mutual has a lot of smart people working for them. Investing in Venezuela may not have been the smartest thing to do. That country and its economy has been a shambles for a long time. Just because Chavez is gone will not make it any better unless the current government is overthrown and free market is installed with a stable government.
Citgo is owned by the Venezuelan government also. How many people get their gas at those stations???
Not as many as there used to be when it came out that Chavez owned CITGO. They have been boycotted across the country. Give me Valero everytime.
Liberty’s middle market strategy is to adversely select and piss off agents.
I recently attended a meeting with Liberty Mutual and listened to their spiel about their capabilities. We had America First for Commercial & Safeco for Personal Lines. America First has been disappointing with underwriting and pricing. Eventually, the underwriting will be under Liberty Agency Underwriting, but we see no increased ability to underwrite and price business with them yet. We do well with Safeco who was clearly helped when Liberty bought them. Liberty still sells direct on Personal & Business so one wonders what they are thinking sometime. They have acquired several stock companies and put them under their banner. I guess it will come out in the wash and we will figure out where they are coming from in the near future.
The company invested in the Venezuelan government that is run by a communist dictatorship, looses money and now we are seeing the underwriting fallout. So the failure of the Venezuuelan economy is affecting the availability and affordability of insurance for American citizens. Something’s wrong here and it seems domestic insurers should not be permitted to invest in foreign countries, especialy those that are hostile towards our country or our system.