Liberty Mutual Insurance coverage has revealed plans to market and promote all private traces merchandise underneath 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 unbiased 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 a community of twenty-two,000 unbiased businesses.
Safeco prospects can keep their current agent relationships, and the one change to their insurance policies shall be in identify, the discharge said.
Liberty Mutual provides merchandise on to shoppers on-line and through licensed gross sales representatives at name centres, whereas sustaining its product choices individually throughout direct and unbiased agent channels.
Liberty Mutual US Retail Markets chief distribution and advertising and marketing officer Tyler Asher stated: “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 may considerably simplify our enterprise, permit us to dedicate our appreciable advertising and marketing energy behind a single model, and allow us to leverage and scale our expertise to ship unified however differentiated merchandise and experiences throughout channels.”
Liberty Mutual US retail markets unbiased agent distribution president Luke Payments said: “The Safeco legacy is one among power, partnership and an unwavering dedication to unbiased brokers. We are going to carry that legacy ahead and can carry our brokers even higher 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 total yr 2024, up from $213m in 2023.
Not too long ago, Liberty Mutual Insurance coverage agreed to promote its operations in Thailand and Vietnam – LMG Insurance coverage and Liberty Insurance coverage, respectively – to Chubb.
