Severe wind and hail storm cause underwriting loss at Liberty Mutual in Q1
Severe wind and hail storm losses have dented Boston-based Liberty Mutual Holding Company’s profits in the first quarter of 2017 while the company grew organically and via the acquisition of Ironshore.
"Net income in the first quarter was $351 million, down 11 percent from the prior year as elevated severe wind and hail storm losses more than offset significant improvement in investment results," said David Long, Liberty Mutual Insurance chairman and CEO. "Net written premiums in the quarter increased 5.3 percent but the combined ratio deteriorated 5.2 points to 101.5 percent."
Liberty Mutual Insurance, a unit of Liberty Mutual Holding Company, has recently acquired Bermuda-based specialty property/casualty insurer Ironshore from Chinese conglomerate Fosun International.
Liberty’s purchase price equates to $2.94 billion and is subject to post-closing adjustments.
Ironshore acquisition costs for the three months ended March 31, 2017 were $10 million.
In addition, Liberty Mutual Holding Company completed in April the acquisition of TRU Services, a firm specializing in providing medical stop loss products to mid and large-size medical plan sponsors.
Today’s stories
Allianz Australia reveals new CEO amid reshuffle
Investment returns drive Third Point Re to profit in Q1
Lloyd's and Zurich representatives join Australia’s Insurance Council Board
Assured Guaranty Q1 profit jumps on acquisition, business improvement
HDI hires from Liberty Mutual to strengthen UK and Ireland claims team
Diekmann replaces Perlet as Allianz chairman
Ryan Specialty Group hires technology leader from Aon
Did you enjoy reading this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
