Liberty Insurance is saying goodbye to three lines of business in Ireland after failing to beat profitability woes.
Referring to commercial liability, Liberty Insurance stated, as quoted by The Irish Times: “Unfortunately, due to ongoing issues around scale and profitability in that product line, we have now had to take this difficult decision.”
The company, which is under the Liberty Mutual umbrella, pointed to the “challenged performance” of the business – the demise of which will bring two other lines down with it.
“The absence of a liability offering,” Liberty Insurance explained, “makes it extremely difficult to grow a critical mass in the other supporting lines of commercial property and development bonds, and therefore, we have made the decision to exit these lines also.”
In a statement, the firm announced that the market exit is slated for April. In the meantime, existing contracts under the business lines will continue to be honoured; they will, however, not be renewed upon expiration.
Liberty Insurance, the Irish operations of which came to life in 2011 by way of acquisition, will instead be focussing on personal and fleet coverage in the country.