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| Type | Private |
|---|---|
| Founded | Boston, Massachusetts, United States (1912) |
| Key people | Edmund F. (Ted) Kelly (CEO) |
| Industry | Insurance |
| Services | Property and Casualty Insurance |
| Revenue | $28.9 billion |
| Employees | 45,000 (2009) |
| Website | http://www.libertymutualgroup.com/ |
Liberty Mutual Group, more commonly known by the name of its primary line of business Liberty Mutual, is a diversified global insurer and the fourth largest property and casualty insurer in the United States based on 2008 direct written premium. Based in Boston, they employ 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, founded in 1912, 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, India, 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]
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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 its current mutual holding company structure.
Liberty Mutual has made several large acquisitions over the past several years, including the most recent acquisition of Safeco Corporation in 2008. Liberty Mutual agreed to acquire all outstanding shares of Safeco for $68.25 per share, for a total transaction price of approximately $6.2 billion.
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.[8][9][10][11][12][13][14]
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