LIberty Mutual News

Suit Says OnStar, LexisNexis Shared Driving Data With Insurers, Spiking Rates

Do motorist-assistance systems like GM’s OnStar feed data to auto insurers, resulting in higher premiums for some drivers? A south Florida man says indeed, they do, and has filed a proposed class-action lawsuit against General Motors and LexisNexis Risk Solutions, …

Liberty Mutual Execs See Q4 Momentum as 2023 Income Falls

Although Liberty Mutual reported worse underwriting results and lower net income in 2023 compared to the prior year, executives pointed to the momentum of the final quarter as an indicator of what’s ahead. “We made solid progress toward our 95 …

Liberty Mutual to Eliminate 250 Positions

Liberty Mutual has confirmed it is eliminating about 250 positions, or 0.5% of its global workforce, as it continues implementing new organizational structures within US Retail Markets and Global Risk Solutions units. In an email a spokesperson said some employees …

Southwest Wins Appeal in Cyber Excess Coverage Dispute With Liberty

The 5th U.S. Circuit Court of Appeals ruled last week that Southwest Airlines can continue to seek reimbursement under its Liberty Mutual cyber risk policy for costs incurred during a 2016 massive computer failure. An appeals court panel disagreed with …

Markets/Coverages: Liberty Mutual Launches New Management Liability Package

Liberty Mutual recently announced ProShield, a packaged solution providing private companies and non-profits streamlined access to directors & officers, employment practices liability, fiduciary, and crime coverages Brent Tan has been appointed to manage the product line as senior director, financial …

Liberty Mutual Records $219M Q3 Net Income

Liberty Mutual Holding Co. on Thursday reported third quarter net income of $219 million, reversing a loss of $353 million a year ago during the same time. “Solid underwriting results in our Global Risk Solutions business and the tailwind from …

Liberty Mutual Announces 850 Additional Layoffs

Boston-based global insurer Liberty Mutual has confirmed that it is laying off about 850 workers, or 2% of its workforce, in the U.S. The terminations will be felt in several departments this month and many will become effective by the …

Liberty Mutual to Repay $7.7 Million to Over 86,000 Minnesota Policyholders

Liberty Mutual has agreed to repay $7.7 million to more than 86,000 policyholders for auto and homeowners insurance policies for allegedly violating several state insurance regulation laws. In a consent order filed with the Minnesota Department of Commerce, Liberty Mutual …

Liberty Mutual Posts Q2 Loss of $585M Driven By Catastrophes

Liberty Mutual Holding Co. reported a second-quarter net loss of $585 million, driven by catastrophe losses of about $2.27 billion. Tim Sweeney, president and CEO, said weather losses were primarily from widespread wind and hail events in Texas, Oklahoma, and …

Liberty Mutual to Stop Offering Business Owner’s Policy In California As Costs Bite

Property and casualty insurer Liberty Mutual will stop offering its business owner’s policy (BOP) product in wildfire-prone state California from Oct. 1, in a sign that cost inflation and higher catastrophe losses are pounding insurers’ profits. A spokesperson for Liberty …