Chubb to Acquire Liberty Mutual’s P&C Insurance Businesses in Thailand and Vietnam
Chubb Limited (NYSE: CB) announced agreements to acquire the insurance businesses of Liberty Mutual in Thailand and Vietnam. The terms were not disclosed.
The two companies — LMG Insurance in Thailand and Liberty Insurance in Vietnam — offer a range of consumer and commercial P&C products, including Automotive, Accident & Health and Non-Motor insurance such as fire/property and industrial all-risk. This portfolio is coupled with complementary distribution through 56 branches, 2,600 brokers and agents, and 26 finance partners. The combined operations produced approximately $275 million in net premiums written in 2024.
The transactions are expected to be completed by second quarter of 2025 (Thailand) and late 2025 / early 2026 (Vietnam) and are subject to required regulatory approvals and customary closing conditions.
Liberty Mutual Insurance Reports Third Quarter 2024 Results
Liberty Mutual Holding Company Inc. and its subsidiaries (collectively “LMHC” or the “Company”) reported net income attributable to LMHC of $892 million and $3.144 billion for the three and nine months ended September 30, 2024, versus income of $219 million and a net loss attributable to LMHC of $441 million for the same periods in 2023.
“For the third quarter, we reported net income attributable to LMHC of $892 million, reflecting strong underwriting performance in both our US Retail Markets and Global Risk Solutions businesses as well as solid investment results,” said Tim Sweeney, Liberty Mutual President & Chief Executive Officer. “Our targeted underwriting strategies continue to drive strong financial results, with a 4.0-point improvement in the underlying combined ratio to 88.1%. The total combined ratio, including catastrophes and prior year development, was 96.7% for the quarter, a 5.9-point reduction over prior year. We continue to make particularly significant progress in US Retail Markets, where our total combined ratio dropped 13.8 points to 94.9%, as earned rate, underwriting actions and improved frequency trends positively impacted the underlying loss ratio, which improved 10.2 points from prior year. Catastrophe losses remained elevated, with consolidated pre-tax net catastrophe losses in the quarter of $1.1 billion including $458 million from Hurricane Helene. Investment results in the quarter were strong, driven by higher fixed income yields and favorable private equity valuations, which contributed to $1.2 billion of pre-tax net investment income. Overall, we remain focused on achieving our 95% target combined ratio in 2025 as the foundation for sustained, profitable growth.”
View Full Press Release
LM Re and Safehub launch exclusive partnership
Liberty Mutual Reinsurance (LM Re), part of Liberty Mutual Insurance Group, has today announced an exclusive partnership with Safehub, a technology provider in seismic sensor and risk management solutions to offer a market-first, building-specific, sensor-based, parametric earthquake (re)insurance product to clients globally.
Building upon the success of a pilot programme in Mexico City, where the sensor-based solution has already been rolled-out for 23 strategic locations to facilitate rapid and accurate payouts to policyholders, LM Re and Safehub are expanding its reach to offer the solution to clients worldwide.
Safehub’s seismic sensor technology captures building-specific real-time data at the policyholder’s building location(s) to trigger parametric (re)insurance policies. The policies are bespoke, offering coverage for specific earthquake event triggers.
Unlike other parametric products, which rely on general estimates from public agencies this sensor-based solution offers increased accuracy in assessing earthquake impacts at the building site and therefore reduces the basis risk associated with determining payouts. The parametric product expedites the claims process and policyholders benefit from quicker access to indemnification in the event of an earthquake. Furthermore, policyholders will receive near real-time alerts and rapid damage assessments to facilitate emergency response and business recovery efforts.
Jean-Christophe Garaix, Head of Agriculture and Parametrics at LM Re, said: “We are delighted to partner with Safehub to provide our clients with sensor-based parametric earthquake coverage, offering unparalleled protection in earthquake-prone regions.
“This partnership underscores our dedication to delivering innovative (re)insurance solutions that address the evolving needs of our customers. Our goal is to provide policyholders with a comprehensive solution, offering quicker access to indemnification in the face of seismic events.”
Andy Thompson, CEO of Safehub, said: “We are excited to announce our exclusive partnership with LM Re. Earthquake damage is site-specific, with neighbouring buildings potentially experiencing vastly different levels of ground shaking. With this partnership, clients gain access to building-specific data, enabling a more precise alignment of (re)insurance payouts with losses, while also supporting emergency response efforts.”
Liberty Mutual Insurance Appoints Marc Orloff to Lead Field Operations for its North American Commercial Insurance Operation
Liberty Mutual announced that Marc Orloff has been named President, North American Field Operations, Global Risk Solutions (GRS) North America.
Orloff – who will report to GRS North America President Tracy Ryan – replaces Shaun Kelly, who has decided to leave the company.
“Marc is a well-respected insurance executive with years of proven experience in underwriting and distribution leadership,” said Ryan. “Under Marc’s leadership, our field operations team will drive Liberty Mutual’s North American business strategies by bringing our full suite of products to local markets and ensuring premier engagement with distribution partners and commercial clients.”
Prior to his new position, Orloff led Liberty Mutual’s GRS field distribution team, which includes retail and wholesale field organizations, national broker management, and private equity and construction practices. He will continue to oversee these areas, and will add Liberty Mutual’s client engagement program, distribution strategy and analytics, and marketing and brand strategy to his portfolio.
“Liberty Mutual is exceptionally well positioned for growth,” said Orloff. “Through our 2017 acquisition of Ironshore and subsequent creation of the GRS division, Liberty Mutual significantly expanded its product breadth and expertise in the Excess & Surplus space. That investment is paying off in today’s challenging market. When all of our capabilities are brought to bear, we offer everything needed in a commercial and specialty partner: financial stability, comprehensive solutions, specialized resources, exceptional experience, and a winning culture.”
GRS is Liberty Mutual’s global commercial and specialty lines (re)insurance division, which provides a full range of traditional and specialty insurance, surety and reinsurance solutions to businesses around the world.
Liberty Mutual appoints Janelle Edem Senior Vice President, Global Risk Solutions
Liberty Mutual Insurance has appointed Janelle Edem Senior Vice President, Global Risk Solutions (GRS), Liberty Mutual’s global commercial and specialty lines (re)insurer, which provides a full range of innovative traditional insurance, specialty and reinsurance risk solutions to businesses around the world.
Reporting to GRS President Dennis Langwell, Edem will lead GRS’ strategic planning and process excellence work. She will continue to serve as GRS Chief of Staff, a position to which she was appointed early last year.
“Janelle has been a valued member of the GRS executive leadership team over the past 15 months,” notes Langwell. “Her knowledge of our industry, business and customer expectations will be important to our long-term vision and strategy planning process. She has been a model leader, helping to foster a diverse, inclusive culture at Liberty Mutual through her active engagement with our employee resource groups and commitment to mentoring others.”
Edem joined Liberty Mutual in 2005 after graduating from The Wharton School, University of Pennsylvania, with a Master of Business Administration. Since joining Liberty Mutual as a management consultant in the corporate strategy group, she has held roles in managed care, claims, advanced analytics and client management.
Edem – recognized in 2015 by Wharton School’s Boston chapter with the Joseph Wharton Alumni Leader Award – also participated in the Next Generation Leadership program from The Partnership Inc., a leading organization that supports multicultural professionals at all levels in an increasingly diverse and global workforce. Additionally, Edem is a member of the Beth Israel Deaconess Medical Center Leadership Board.
Liberty Mutual Appoints Pete D’Orsi to Newly Created Strategic Commercial Underwriting Role
Liberty Mutual’s commercial and specialty (re) insurance operation – Global Risk Solutions (GRS) – has appointed Pete D’Orsi Chief Data and Analytics Officer, reporting to GRS Chief Underwriting Officer James Slaughter.
D’Orsi will partner with primary, specialty and surety businesses across GRS to enhance the unit’s capabilities for customers and brokers through advanced data analytics.
“Pete has the ideal experience to lead GRS’ Advanced Analytics Hub, a group of agile data scientists and technologists that accelerate, enhance and deploy machine learning, artificial intelligence and other advanced analytical solutions to add value to GRS customers, brokers and employees,” said Slaughter.
D’Orsi brings over fifteen years of experience in managing data science teams and strategic implementation of insurance products, user experiences and data solutions. Most recently, he was Liberty Mutual Global Retail Markets’ Vice President for Business Insurance Product Delivery.
Liberty Mutual Appoints David B. Williams to New Strategic Underwriting Role Adding Value to Commercial Insurance Brokers and Buyers
Liberty Mutual’s commercial and specialty (re) insurance operation – Global Risk Solutions (GRS) – has appointed David B. Williams to the newly created position of Multinational Senior Vice President and Chief Underwriting Officer.
In the role, Williams will develop and deliver enhanced data-driven and global risk-based solutions for mid-size and large customers and the brokers who support them. He will report to GRS Chief Underwriting Officer for North America David Perez.
“David will play a critical role in helping us grow the geographic footprint of the GRS portfolio by leading a strategic initiative to help improve our ability to seamlessly address multinational exposures for global clients,” said GRS Chief Underwriting Officer James Slaughter.
Williams has more than a decade of multinational experience. Most recently he was Chubb North American Financial Lines Vice President. Before that, he was Chubb’s Vice President of Multinational Solutions, where he managed client acquisition and retention.