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)

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Ballot Issue in Washington State to Privatize Workers Compensation

The countdown is underway and the rhetoric is becoming inflamed, as private insurance carriers in Washington State battle to privatize the workers compensation system.  $1 Million in donations have been accepted to date.


"There is a ballot initiative being presented by the large industries of Washington State in the next election cycle that could divide a worker’s overall notion of how they feel politically and what is in their own personal best interest. It is in regards to workers compensation and the fate of theWashington State Department of Labor and Industries.


"The Building Industry Association of Washington (BIAW) introduced Initiative 1082. The BIAW is a conservative organization who “fight against” government on behalf of private industry. They are specifically geared to improving the profit of the building industry through deregulation, much like what happened with the banking industry in the early 2000’s, which resulted in a global economic collapse.


"Their intent with I-1082 is to privatize workers compensation insurance in Washington state. In theory this would bring down premiums due to competition, or that’s what many who promote privatization contend. Others who back this initiative say that this would allow employers more choice on their workers compensation plans and thus be able to better protect their workers.


"With help of private donation from Washington businesses large and small, the BIAW spent about $500,000 to put the I-1082 on the ballot. This initiative was also largely backed by those who would reap the profits from it, the insurance companies. Liberty Mutual, the new corporate parent of Safeco, has given $300,000 to the campaign, a mere drop in the bucket compared to the expected profit to be had if the initiative passes.

Complete Blog: http://tinyurl.com/2a8egv5 Philips  Webster

The Complete Ballot Initiative: http://tinyurl.com/2bb8xyl

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For over 3 decades the Law Offices of Jon L. Gelman 1.973.696.7900 jon@gelmans.com have been representing injured workers and their families who have suffered occupational exposures.
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Related Articles:

• I-1082: Don't sign it, don't vote for it

More Related articles:

• Workers comp initiative steps closer to ballot (sfgate.com)
• Workers comp initiative steps closer to ballot (dailycaller.com)
• Workers comp initiative qualifies for Wash. ballot (seattletimes.nwsource.com)
• A challenge to BIAW's Tom McCabe (horsesass.org)
• Republicans back BIAW initiative (seattlepi.com)