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Liberty Mutual hails solid first quarter

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Liberty Mutual’s first-quarter net written premium totalled $US9.7 billion ($13.9 billion), up 2.8% on the corresponding period last year.

CEO David Long says the increase was driven by a strong performance in specialty insurance.

The sale of Liberty’s Pembroke syndicate and Ironshore European business helped eliminate duplication and streamline the global specialty operation, he says.

The combined operating ratio was 96.3%, an improvement of 2.7 points after factoring in prior-year catastrophes and losses.

The insurer has announced plans to acquire the global surety and credit reinsurance operations of AmTrust Financial Services.