Commercial specialty insurer Ironshore Canada to be rebranded as Liberty Mutual Canada
Toronto, ON (Sept. 15, 2018) – Liberty Mutual Insurance is pleased to announce that Ironshore Canada and Liberty International Underwriters (LIU) are being rebranded as Liberty Mutual Canada.
“The rebranding of our joint operation as Liberty Mutual Canada is an important milestone in our journey to come together as one organization,” said Garth Pepper, President of Liberty Mutual Canada. “A stronger, united organization will enable us to better leverage the financial and reputational strength of Liberty Mutual to grow our presence and relevance in the Canadian market.”
Liberty Mutual Insurance completed its acquisition of Ironshore in 2017 (see Backgrounder).
The formation of the Liberty Mutual Canada brand will not affect LIU Canada or Ironshore Canada policies. For the rest of 2018, policies will continue to be written on Liberty Mutual Insurance Co. and Ironshore Insurance Ltd. (Canada Branch) paper.
“Once integration is formally approved by the regulator, operations will formally align as a branch of Liberty Mutual Insurance Company and write on that paper, with a target date of early 2019,” added Pepper.
In 2017, Liberty Mutual reported global premiums of US$37 billion.
About Liberty Mutual Insurance
Liberty Mutual Insurance helps people preserve and protect what they earn, build, own and cherish. Keeping this promise means we are there when our policyholders throughout the world need us most.
Liberty Mutual is a diversified insurer with operations in 29 countries and economies around the world. We rank 73rd on the Fortune 100 list of largest corporations in the U.S. based on 2015 revenue. As of December 31, 2015, Liberty Mutual had $121.7 billion in consolidated assets, $102.5 billion in consolidated liabilities, and $37.6 billion in annual consolidated revenue.
Liberty employs more than 50,000 people in over 800 offices throughout the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, accident & health, commercial automobile, general liability, property, surety, workers compensation, group disability, group life, specialty lines, reinsurance, individual life and annuity products.
To learn more about, visit www.libertymutualinsurance.com.
SOURCE: Liberty Mutual Insurance
Backgrounder
Now that Ironshore is part of liberty mutual we can do more.
Ironshore’s acquisition by Liberty Mutual and merger with Liberty International Underwriters (LIU) U.S. in 2017 enables us to bring even greater scale, expertise, innovation and product offerings to market. As a combined operation with approximately $2.9 billion in gross written premium, brokers now have access to a top-tier insurer with greater capacity and product lines for a wide range of risks. In fact, we’re part of the 3rd largest property and casualty insurer in the U.S. and the 5th largest in the world. With more than 30 offices around the globe – including Ironshore’s Lloyd’s Pembroke Syndicate 4000 in London – Ironshore is prepared to meet clients’ complex needs promptly, with local service on a global basis and in-depth underwriting experience across a broad spectrum of industries. Together is indeed better.
Boston-based Liberty Mutual is a diversified insurer in business since 1912, offering a wide range of personal and commercial insurance products and services. Liberty has $125.6 billion in assets and ranks 68th on the Fortune 100 list of largest corporations in the U.S. based on 2016 revenue. As of December 31, 2016, Liberty Mutual had $38.3 billion in annual consolidated revenue, with ‘A’ ratings from both A.M. Best and Standard & Poor’s.
Liberty Mutual Insurance Completes Acquisition of Ironshore Inc. from Fosun International Limited
Boston, MA (May 1, 2017) – Liberty Mutual Insurance announced today it has completed its acquisition of 100 percent ownership interest in Ironshore Inc., a premier global specialty company, from Fosun International Limited following receipt of regulatory approvals and satisfaction of customary closing conditions. Liberty’s purchase price equates to $2.935 billion and is subject to post-closing adjustments.
Liberty Mutual announced on December 5, 2016, a definitive agreement[1] to acquire a 100 percent ownership interest in Ironshore for approximately $3 billion.
Barclays Capital Inc. acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP provided legal advice to Liberty Mutual Insurance in the transaction.
Notes
1. Liberty Mutual Insurance Announces Acquisition of Ironshore Inc. from Fosun International Limited (Dec. 6, 2016)
About Liberty Mutual Insurance
Liberty Mutual Insurance helps people preserve and protect what they earn, build, own and cherish. Keeping this promise means we are there when our policyholders throughout the world need us most.
In business since 1912, and headquartered in Boston, Mass., today we are a leading global insurer with operations in 30 countries and economies around the world. We are the fourth largest property and casualty insurer in the U.S. based on 2016 direct written premium data as reported by the National Association of Insurance Commissioners. We also rank 73rd on the Fortune 100 list of largest corporations in the U.S. based on 2015 revenue. As of December 31, 2016, we had $38.3 billion in annual consolidated revenue.
We employ more than 50,000 people in over 800 offices throughout the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, accident & health, commercial automobile, general liability, property, surety, workers compensation, group disability, group life, specialty lines, reinsurance, individual life and annuity products. You can learn more about us by visiting www.libertymutualinsurance.com.
About Ironshore
Ironshore provides broker-sourced specialty property and casualty insurance coverages for varying risks located throughout the world. Select specialty coverages are underwritten at Lloyd’s through Ironshore’s Pembroke Syndicate 4000. The Ironshore group of companies is rated A (Excellent) by A.M Best with a Financial Size Category of Class XIV and A (Stable) by Standard & Poor’s. Pembroke Syndicate 4000 operates within Lloyd’s where the market rating is A (Excellent) by A.M. Best, AA- (Very Strong) by Fitch, and A+ (Strong) by Standard & Poor’s. For more information, please visit www.ironshore.com.
SOURCE: Liberty Mutual Insurance
Tags: Acquisition, Ironshore, Liberty Mutual, rebrand
