While Liberty Mutual Holding Co. Inc. made the news in 2017 after making a major acquisition, it was its sale of businesses that garnered the most attention in 2018.
In fact, Liberty Mutual Insurance Co. began 2018 by getting out of two lines of business and realigning its property/casualty operations.
The shedding of businesses stood in sharp contrast to Liberty Mutualâ€™s expansion in 2017, when it made news by acquiring Ironshore Inc. from Chinese conglomerate Fosun International Ltd. for a deal valued at about $3 billion.
Allianz Global Corporate & Specialty SE, part of Allianz SE, announced that it would acquire the renewal portfolio of Liberty Mutualâ€™s U.S. product recall and special contingency business, effective Jan. 30, 2018. That business was written through Liberty International Underwriters U.S., AGCS said in a statement at the time.
The story about the deal was the most read Risk Management story on Business Insuranceâ€™s website in 2018.
That AGCS announcement came only days after Liberty Mutual announced that it would sell its life and disability insurance unit â€” Liberty Life Assurance Co. â€” to Lincoln Financial Group for about $3.3 billion. Boston-based Liberty Life Assurance provided group disability, group life, individual life and annuity products.
The sale of the life insurance division was done to allow Liberty Mutual to fully focus on its property/casualty business, which it said it would divide into two units, Global Risk Solutions and Global Retail Markets.
The new Global Risk Solutions unit consists of Liberty Mutualâ€™s global specialty unit, Ironshore, national insurance and its global reinsurance strategy group. Global Retail Markets combined Liberty Mutual’s existing global consumer markets unit with its business insurance and accident and health organizations, formerly in commercial insurance.