Liberty Mutual : Everything you need to know

Liberty Mutual: Everything you need to know

Corporate headquarters 175 Berkeley St, Boston, MA 02116, United States
Net written premiums US$48,227 million (2022)
Annual revenue US$$49,956 million (2022)
Employees 45,000+
Global locations £13,691 million (2022)
Insurance gross written premiums United States, Bermuda, Brazil, Canada, Colombia, Chile, Ecuador, Mexico, Peru, Belgium, France, Germany, Spain, Portugal, Ireland, Italy, Luxembourg, Netherlands, Switzerland, United Kingdom, Australia, Thailand, Singapore, Hong Kong, Vietnam, Malaysia, India, China, UAE
Underwriting expertise Specialty and reinsurance
Key people Timothy Sweeney (president and CEO), Vlad Y. Barbalat (EVP, chief investment officer; president of Liberty Mutual Investments), Neeti Bhalla Johnson (EVP; president, Global Risk Solutions), Monica Caldas (EVP and chief information officer), Melanie M. Foley (EVP and chief administrative officer), Damon Hart (EVP, chief legal officer and secretary), James M. MacPhee (EVP; president, Global Retail Markets), Leonid Rasin (EVP and chief actuary), Karen Morton (EVP & chief compliance officer, Global Compliance & Ethics), Christopher L. Peirce (EVP and chief financial officer), Nik Vasilakos (EVP and treasurer), Paul Sanghera (EVP and comptroller), Ann Stanberry (EVP and chief strategy officer)

About Liberty Mutual

Established in 1912, Liberty Mutual Holdings Company Inc. has since grown into the sixth-largest property and casualty insurer globally and fourth in the US. The firm offers a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.

The mutual insurer conducts its business through two business units:

  • Global Retail Markets (GRM): combines Liberty Mutual’s local expertise in growth markets outside the US with strong and scalable US capabilities to take advantage of opportunities to grow its business globally. In 2021, GRM accounted for US$29.3 billion of the mutual insurer’s net written premiums, broken down into private passenger auto (51%), homeowners (26%), and small commercial and other lines. (23%)
  • Global Risk Solutions (GRS): offers a wide array of property, casualty, specialty, and reinsurance products and services distributed through brokers and independent agents worldwide. The unit contributed US$14.6 billion to the company’s NWP in 2021, split between specialty insurance (30%), reinsurance (18%), casualty (15%), commercial property (12%), surety (8%), workers’ compensation (7%), and other commercial lines (10%)

Internally, Liberty Mutual Investments is the group that oversees and manages its investment portfolio.

Brief history

Liberty Mutual was established in 1912 as the Massachusetts Employees Insurance Association (MEIA) following the passage of a 1911 legislation in the state requiring employers to provide workers’ compensation insurance to their employees. The company operates a mutual holding structure, wherein it is owned by its policyholders.

The insurer opened its first branch in 1914 and wrote its first automobile policy later that year. The company changed its name to Liberty Mutual Insurance Company in 1917, and through different partnerships, began offering full-coverage car policies.

In 1964, Liberty Mutual expanded its portfolio to include life insurance through its Liberty Life Assurance Branch. In 2002, it converted into its current mutual holding company structure, which would allow it to offer stock while remaining a mutual company.

Over the years, Liberty Mutual has grown into one of the largest P&C insurers in the world, thanks to several strategic acquisitions. It purchased Safeco Corporation in 2008, allowing it to significantly increase its revenue. In 2017, the company completed its acquisition of Bermuda-based Ironshore Inc. from Fosun International Limited for US$2.93 billion. Two years later, it purchased Nationale Borg, Nationale Borg Reinsurance, and AmTrust Insurance Spain, credit and surety reinsurance subsidiaries of AmTrust Financial Services. In July 2021, Liberty Mutual also agreed to acquire State Auto Group for US$2 billion.


Timothy M. Sweeney – President & Chief Executive Officer

Sweeney took on the role of CEO in January 2023 after David H. Long announced his retirement. Sweeney was appointed president of Liberty Mutual in July 2021. He also served as president of Global Retail Markets and US Personal Insurance.

Over his almost three-decade career with the company, he has led distribution and product management in the small commercial independent agency segment, overseen numerous successful insurance company acquisition and integration efforts, and led the distribution, marketing, digital, and customer service organizations for Liberty’s Mutual’s US personal lines business unit.

Sweeney serves on the board of directors of the Statue of Liberty-Ellis Island Foundation, Inc., and the Mass General Hospital annual gala to benefit children and young adults on the autism spectrum. He also sits on the executive committee of the board of the Massachusetts Business Roundtable.


In 2019, Liberty Mutual unveiled its multi-year plan to increase diversity, equity, and inclusion for all employees. The plan provided accountability and transparency by setting and publicly reporting on long-term goals to increase the representation of women and people of color at all levels of the business in the US.

A year later, Liberty Mutual was recognized among the “Best Workplaces in Financial Services & Insurance” and “Best Workplaces for Parents” by Great Places to Work. Despite the challenges brought about by the COVID-19 pandemic, 92% of the company’s overall workforce reported that they were “extremely satisfied” with Liberty Mutual as a place to work, up from 85% the year prior.

In the same year, the company established its first-ever Global Employee Experience function aimed at taking a more “holistic, inclusive, and data-driven approach” to understanding what matters to employees and working with them to co-create exceptional experiences. It also launched Moments that Matter, a new initiative to identify and map the most important moments that impact employee experiences at the company.

To help underserved communities, Liberty Mutual donated over US$64 million to non-profit partners. The funding was used to support communities in crisis, address youth homelessness, advance access for people with disabilities, and expand educational opportunities for underserved students, while magnifying its employee giving efforts through its Liberty Torchbearers platform. The company’s financial support for non-profits in 2020 marked a 40% increase compared to 2019 in response to the COVID-19 pandemic.

Liberty Mutual is also doing its part in environmental conservation. In 2020, the insurer expanded its commitment to sustainable energy by investing in Sunnova Energy as part of its long-term strategy of decarbonization and investment in alternative energy sources. Six of its offices in the US are also certified in Leadership in Energy and Environmental Design (LEED) Standards, while its London office has achieved BREEAM status.


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