16 June 2014 Insurance

Liberty Mutual acquires Hughes Insurance

Property and casualty insurer Liberty Mutual will acquire Northern Ireland insurer Hughes Insurance.

Hughes Insurance is an insurance broker offering motor, van, household, SME commercial insurance and travel insurance with £60 million in gross written premium for the financial year ending March 13, 2014.

The broker will continue to be led by chief executive Gareth Brady and his current management team.

Liberty Insurance, a subsidiary of Liberty Mutual based in Ireland, has been appointed as the lead underwriter for new policies issued with effect from July 1, 2014.

Patrick O’Brien, chief executive officer of Liberty Insurance, said: “We are pleased to confirm Liberty Mutual’s continued commitment to Ireland. Over the past two years Liberty Insurance has built a substantial business in the Republic of Ireland.

“I believe Liberty’s acquisition of Hughes and our appointment as lead underwriter will enable us to build a leading presence in the Northern Ireland market through Hughes’ established network. Liberty Mutual has a long history in Northern Ireland, having first invested in Northern Ireland in 1997 with the establishment of Liberty Information Technology, which now employs over 400 IT professionals.”

Brady said: “This is a great development for both our customers and our employees, enabling us to grow our business further with the backing of one of the world’s leading insurers while maintaining our Northern Ireland identity. It also opens up a range of exciting opportunities for our talented workforce across Northern Ireland.”

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