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Friday, July 27, 2012

International Business Expands Profits of Liberty Mutual

 Liberty Mutual Holding Company Inc. and its subsidiaries (collectively “LMHC” or the “Company”) today reported net income of $139 million and $598 million for the three and six months ended June 30, 2012, increases of $318 million and $413 million over the same periods in 2011. 
“Second quarter premium growth of 8% was driven by continued momentum in U.S. personal lines, rate increases in U.S. commercial lines, and robust international results despite significant strengthening of the dollar,” said David H. Long, President and CEO of Liberty Mutual Insurance. “Additionally our profitability improved significantly in the quarter despite catastrophe losses continuing to run at an elevated level. The quarter was a busy one, including a significant debt restructuring, the sale of our Argentina workers compensation company, assimilation of KIT in Russia, and gaining approval to begin writing business in India.” 

And continues to argue for increased higher US rates:
"Liberty Mutual’s chief executive left no doubt on where he believes the blame lies for inadequate workers’ compensation rate levels, criticizing states—New York and Massachusetts in particular—for not approving steeper increases."
Read the complete article:
Liberty’s Long Faults States on Workers’ Comp Rates; Q2 Profit Positive (Property Casualty 360)

More articles about Liberty Mutual
May 06, 2009
Liberty Mutual reported that its 1st Quarter profits fell 92%. The company sustained loss of net income. This it reported $28 Million and the same quarter last year it had reported $360 Million in income. Liberty Mutual sustained ...
Sep 29, 2008
Standard and Poor's has announced that Liberty Mutual's rating has been lowered from A to A-. This happened as another rating agency, Fitch, placed Liberty Mutual Inter-company Pool (on "Rating Watch Evolving" status.
Sep 30, 2009
In an amended complaint filed last week in the Federal Court in Chicago (USDCT N.D. Ill.), AIG alleged that Liberty Mutual and Hartford/ACE entered into a conspiracy to underreport their premiums. Premium calculations ...
Dec 13, 2008
Liberty Mutual was permitted to "pierce the corporate veil." The Court declared, "...To do otherwise would be to condone a ... LIBERTY MUTUAL INSURANCE COMPANY v. CIPRIANO. Decided Dec. 10, 2008. Posted by Jon L.