Liberty Mutual Insurance coverage has revealed plans to market and promote all private strains merchandise beneath the Liberty Mutual model by 2026.
This transfer will see the retirement of the Safeco Insurance coverage model, which has been a part of the corporate’s impartial agent channel since its acquisition in 2008.
Safeco has grown to generate greater than $13bn in annual premiums, providing auto, property and specialty merchandise throughout 48 US states by means of a community of twenty-two,000 impartial businesses.
Safeco prospects can preserve their present agent relationships, and the one change to their insurance policies might be in title, the discharge said.
Liberty Mutual presents merchandise on to shoppers on-line and by way of licensed gross sales representatives at name centres, whereas sustaining its product choices individually throughout direct and impartial agent channels.
Liberty Mutual US Retail Markets chief distribution and advertising officer Tyler Asher mentioned: “This transition will permit us to completely harness the Liberty Mutual model worth for all of our prospects, brokers and companions, throughout all distribution channels.
“Importantly, this can considerably simplify our enterprise, permit us to dedicate our appreciable advertising energy behind a single model, and allow us to leverage and scale our know-how to ship unified however differentiated merchandise and experiences throughout channels.”
Liberty Mutual US retail markets impartial agent distribution president Luke Payments said: “The Safeco legacy is considered one of power, partnership and an unwavering dedication to impartial brokers. We’ll carry that legacy ahead and can deliver our brokers even better worth with this model change.”
Liberty Mutual Holding Firm and its subsidiaries (collectively LHMC) posted attributable internet revenue of $1.2bn for the fourth quarter of 2024, a 89.4% rise from $654m in the identical quarter of the earlier yr.
The corporate posted attributable internet revenue of $4.3bn for the complete yr 2024, up from $213m in 2023.
Just lately, Liberty Mutual Insurance coverage agreed to promote its operations in Thailand and Vietnam – LMG Insurance coverage and Liberty Insurance coverage, respectively – to Chubb.
