Liberty Mutual Insurance will eliminate about 370 jobs in the US following operational changes that the insurer says are aimed at strengthening its business. 

As part of the changes the insurer has created a new business unit, US Retail Markets, to deepen the company’s longstanding focus on personal and small commercial insurance lines. 

US Retail Markets will succeed Global Retail Markets (GRM), which is discontinued following the planned divestments of that business in Latin America and Western Europe. 

“As a result of this change, approximately 370 positions US-wide, which represents less than 1% of our global workforce, have been eliminated across all functions, many of which are effective by the end of September,” Liberty says in an email. 

“Each impacted employee has been encouraged to apply for other positions within the organisation or will receive severance and outplacement assistance.” 

Hamid Mirza, previously GRM US President, will lead US Retail Markets as President. The unit represents the sixth-largest personal auto insurer, the third-largest home insurer and the largest multi-line small commercial insurer in the US, with net written premiums of nearly $US30 billion ($44 billion) last year. 

Asia Retail Markets, the company’s personal and small commercial insurance business in the region, will join Global Risk Solutions (GRS), Liberty Mutual’s global commercial and specialty division. 

“This alignment brings together the company’s personal, commercial, specialty lines and reinsurance operations in Asia to create a unified strategy and leverage scale,” Liberty says. 

Phil Hobbs, President and MD, Liberty Specialty Markets, will oversee the company’s international insurance footprint and will continue to report to GRS President Neeti Bhalla Johnson. 

Defne Turkes will continue as Asia Retail Markets President, reporting to Mr Hobbs. 

Liberty has also created Enterprise Transformation and Solutions to lead the company’s efforts to drive expense improvement and operational excellence. It will be led by Jim MacPhee, who has been named COO, Liberty Mutual. He was previously GRM President. 

“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,” Liberty Mutual Insurance President and CEO Tim Sweeney said. 

“Ongoing optimisation of our product portfolio and global footprint, coupled with investment in new, innovative capabilities will ensure we achieve sustained success.” 

The changes are effective from August 1.