Liberty Mutual restructuring changes will lead to the loss of around 370 jobs US-wide, Insurance Business understands.
Many cuts will be effective as of September and are across a range of functions, with the cull representing less than 1% of the insurance company’s global workforce, it is understood, while staff have been encouraged to apply for other roles within the business.
Last week, the insurance giant announced key organizational changes, including the creation of a US retail markets (USRM) business, led by the former president of its global retail markets (GRM) business, Hamid Mirza.
The insurer’s global retail markets (GRM) business has been discontinued in the wake of planned sales in Latin America and Europe, with its Asia retail markets business to be wrapped into its global commercial and specialty global risk solutions (GRS) division.
The division’s international insurance footprint will be overseen by Phil Hobbs, president and managing director, Liberty Specialty Markets, the insurance company said in a press release. Hobbs continues to report to Liberty Mutual GRS president Neeti Bhalla Johnson. Defne Turkes is set to continue in her role as president, Asia Retail Markets, reporting to Hobbs, the insurer said.
The insurer has formed an enterprise transformation and solutions function, led by Liberty Mutual chief operating officer Jim MacPhee, formerly president, GRM.
“As we continue to operate in a world of profound and accelerating change, we remain committed to keeping our promises and delivering exceptional value to our customers, agents, brokers and partners,” said Liberty Mutual Insurance president and CEO Tim Sweeney. “Ongoing optimization of our product portfolio and global footprint, coupled with investment in new, innovative capabilities will ensure we achieve sustained success.”
In late May, Liberty Mutual announced the sale of its personal lines and small commercial business in Brazil, Chile, Colombia, and Ecuador to Talanx Group, as part of a deal valued at approximately $1.48 billion. The deal is anticipated to make Talanx the third-largest P&C business in Latin America by premium income.
In June, Liberty Mutual confirmed that an agreement had been signed for Generali to acquire its personal lines and small commercial Liberty Seguros business in Ireland, Northern Ireland, Portugal, and Spain. The deal was valued at $2.5 billion.
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