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Liberty Mutual

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Liberty Mutual Group
Company typeprivate
IndustryInsurance
FoundedBoston, Massachusetts, United States (1912)
Headquarters
Boston Edit this on Wikidata
Key people
Edmund F. (Ted) Kelly (CEO)
ServicesProperty and Casualty Insurance
Revenue$28.9 billion
Number of employees
45,000 (2009)
Websitehttp://www.libertymutualgroup.com/

Founded in 1912, Boston-based “’Liberty Mutual Group’” is a diversified global insurer and the fifth largest property and casualty insurer in the United States based on 2008 direct written premium. They employee over 45,000 people in more than 900 locations throughout the world As of December 31, 2008 Liberty Mutual Group had $104.3 billion in consolidated assets, $94.2 billion in consolidated liabilities, and $28.9 billion in annual consolidated revenue[1][2]. The company offers a wide range of insurance products and services, including personal automobile, homeowners, workers compensation, commercial multiple peril, commercial automobile, general liability, global specialty, group disability,fire and surety.[3][4]

LMG owns, wholly or in part, local insurance companies in Argentina, Brazil, Chile, China (including Hong Kong), Colombia, Poland, Portugal, Singapore, Spain, Thailand, Turkey, Venezuela, and Vietnam.

The current CEO is Edmund (Ted) F. Kelly[5] His pay in 2004 was $15.9 million, and nearly $27 million in 2005. He was appointed CEO in 1998[6]


Corporate Information

History

Liberty Mutual was founded in 1912 as the Massachusetts Employees’ Insurance Association (MEIA) following passage of a Massachusetts state law requiring employers to protect their employees with workers compensation insurance.[7] The first branch office was opened in 1914 the same year they wrote their first auto policy.

The name was changed in 1917 to the Liberty Mutual Insurance Company and through partnerships they began offering full coverage auto policies. In 1964 Liberty Mutual began offering life insurance through its Liberty Life Assurance Branch. In 2002 the company converted into a mutual holding company structure that they currently operate as.


In 2006 Liberty Mutual was accused of fraud: The Attorneys General of Connecticut, New York, and Illinois filed lawsuits against Liberty. The complaints contended that Liberty Mutual Insurance Company and seven affiliates violated the states' Consumer Fraud and Deceptive Business Practices Acts by paying undisclosed contingent commissions to insurance brokers and agents to induce them to steer business to Liberty Mutual. [8]

In 2007 The Massachusetts Attorney General's Office announced an "assurance of discontinuance", requiring the company to change their advertising practices and pay $50,000 to the Commonwealth of Massachusetts. [9]


Liberty Mutual Research Institute for Safety

Founded in 1954, the Liberty Mutual Research Institute for Safety has studied occupational safety and health of workers. Its scientific contributions include machine safeguarding guidelines, the Cornell-Liberty Survival Car, and ergonomic guidelines that have informed the basis for national and international safety standards. More recently, the Institute developed the Workplace Safety Index, an annual ranking of the leading causes of the most disabling occupational injuries in the US.

The Institute's scientists conduct field and laboratory experiments on the major causes of work-related injury and disability, publishing their results in peer-reviewed scientific literature. Institute findings are the basis for safety programs, recommendations, and software, used by Liberty Mutual loss control consultants to help policyholders enhance worker safety. The Institute’s work is non-proprietary and available to the public.[10][11][12][13][14][15][16]


References

  1. ^ http://money.cnn.com/magazines/fortune/fortune500/2008/snapshots/10009.html
  2. ^ http://www.reuters.com/article/pressRelease/idUS145601+06-Mar-2009+BW20090306
  3. ^ http://www.boston.com/jobs/research/profiles/liberty_mutual_group/
  4. ^ http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=162456
  5. ^ http://www.insurancejournal.com/news/national/2005/03/31/53173.htm
  6. ^ http://www.boston.com/business/articles/2006/06/14/insurance_firm_chief_gets_27m_in_2005/
  7. ^ http://www.insuranceusa.com/directorytimeline.php?id=Liberty_Mutual
  8. ^ http://www.consumeraffairs.com/news04/2006/07/il_liberty_mutual.html
  9. ^ http://www.bbb.org/boston/business-reviews/insurance-services/liberty-mutual-group-in-boston-ma-89/
  10. ^ http://www.boston.com/business/globe/articles/2004/06/28/lab_aims_to_cut_rate_of_injuries_on_the_job/
  11. ^ http://www.thefreelibrary.com/Playing+it+safely:+Liberty+Mutual's+Research+Institute+for...-a0117864358
  12. ^ http://www.thefabricator.com/Safety/Safety_Article.cfm?ID=932
  13. ^ http://www.nsc.org/news/nr091304liberty.aspx
  14. ^ http://www.cdc.gov/niosh/topics/ptd/pdfs/Braun.pdf
  15. ^ http://www.accessmylibrary.com/coms2/summary_0286-9254936_ITM
  16. ^ http://www.insurancejournal.com/news/national/2008/10/24/94972.htm
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