Liberty Mutual facts for kids
| Mutual | |
| Industry | Insurance |
| Founded | Boston, Massachusetts, United States (1912) |
| Services | Property and Casualty Insurance |
| Revenue | $28.9 billion |
|
Number of employees
|
45,000 (2009) |
Liberty Mutual Group, normally known as Liberty Mutual, is a worldwide insurance company. It was started in 1912. The head office is based in Boston, Massachusetts. It employs over 45,000 people in over 900 offices around the world. They are the third largest property and casualty insurer in the United States based on 2010 written premium. Liberty Mutual rank 77th on the Fortune 100 list of largest corporations in the U.S. based on 2019 revenue. As of December 31, 2019, they had $43.2 billion in annual consolidated revenue.
The company sells a lot of different insurance products, like car insurance, home insurance and business insurance. It also owns other insurance companies (completely or partly) in countries like Argentina, Brazil, Chile, China (including Hong Kong), Colombia, India, Poland, Portugal, Singapore, Spain, Thailand, Turkey, Venezuela, and Vietnam.
The current head of the business (CEO) is Edmund (Ted) F. Kelly. He was appointed CEO in 1998.
History
Liberty Mutual started in 1912 under the name "Massachusetts Employees’ Insurance Association" (MEIA). The name was changed in 1917 to the Liberty Mutual Insurance Company, and through partnerships with other companies, they started to sell full cover car policies.
In 1964 Liberty Mutual began offering life insurance through its Liberty Life Assurance part of the business.
Over the years, Liberty Mutual has bought a number of other large companies. As an example, in 2008 they bought the Safeco Corporation. Liberty Mutual agreed to buy all outstanding shares of Safeco for $68.25 per share, for a total price of approximately $6.2 billion.
Liberty Mutual Research Institute for Safety
In 1954, the Liberty Mutual Research Institute for Safety was started. It studies safety and health of people at work. Its work has helped to specify machine safeguarding guidelines (how to work safely with machines), the Cornell-Liberty Survival Car, and ergonomic guidelines. They helped to form the basis for national and international safety standards.
The Institute's scientists do field and laboratory experiments on the main causes of work-related injury and disability. They publish their findings in scientific literature. The findings are the basis for safety programs, advice and software. They are used by Liberty Mutual loss control consultants to help policyholders improve worker safety. The Institute’s work is available to the public.
Images for kids
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A Liberty Mutual booth at a street fair in Andover, Massachusetts.
