Liberty Mutual

Recent deals add to the challenges facing EC3, the executive says.

The group reported operating profit of $165mn at its Global Risk Solutions operation, up from a $1.6bn loss last year.

The penalty highlights regulators’ increased determination to hold carriers to account for services outsourced to other providers.

When reinsurers are too big it is their cedants that can suffer, but when the buyers are too big it is the reinsurers that are squeezed by the asymmetrical relationship.

The carrier enlists Evercore for a sale process of the business.

State Farm writes more than a quarter of homeowners’ cover in the state.

The line increase comes after the carrier bolstered its political violence capacity last month.

Mojgan Lefebvre left Liberty Mutual to take the job at the publicly traded carrier.

The mutual is focusing on commercial lines and states with high growth potential.

The Category 4 storm could leave up to $12bn in insured losses, analysts said.

Liberty’s Global Transaction group will function as a stand-alone business unit.

The executive joins from Ironshore and replaces Wolfgang Weis, who switches his focus to Austria and Eastern Europe.