June 12, 2014 - Liberty Mutual Insurance Group, one of the largest property and casualty insurers in the world, today announced it is to acquire Hughes in a transaction expected to complete on July 1, 2015 and its subsidiary in Ireland has agreed to become the lead underwriter of Hughes Insurance in Northern Ireland.
Hughes Insurance is Northern Ireland’s leading independent 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 31, 2014. The company distributes 1 in 5 motor insurance policies sold in Northern Ireland and has a rapidly growing household and SME commercial insurance book, employing over 300 people at its headquarters in Newtownards, Co Down and at 11 other branches across Northern Ireland.
Hughes Insurance will continue to be led by Chief Executive, Gareth Brady and his current management team. Hughes Insurance has appointed Liberty Insurance Limited, a fully owned subsidiary of Liberty Mutual Insurance Group, as its leading underwriter for new policies issued with effect from July 1, 2014.
Welcoming the news, CEO of Liberty Insurance, Patrick O’Brien stated, “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.”
CEO of Hughes Insurance, Gareth Brady commented: “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.”
All contact details remain the same for Hughes Insurance customers, and they do not need to take any action as a result of this planned change of ownership. All remaining polices remain valid and at renewal, existing customers will be offered competitive terms for cover underwritten by Liberty Insurance.
About Liberty Mutual Insurance
Liberty Mutual Insurance helps preserve and protect the things people earn and own and build 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 Liberty Mutual is a diversified global insurer with operations in 30 countries around the world. The company is the third largest property and casualty insurer in the U.S. based on 2013 direct premium written as reported by the National Association of Insurance Commissioners.
Liberty Mutual is ranked 76th on the Fortune 100 list of largest corporations in the U.S. based on 2013 revenue. As of December 31, 2013, Liberty Mutual Insurance had $121.2 billion in consolidated assets, $102.2 billion in consolidated liabilities, and $38.5 billion in annual consolidated revenue.
Liberty employs more than 50,000 people in approximately 900 offices throughout the world, and 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 by visiting www.libertymutualinsurance.com.
The acquisition in Northern Ireland will add to Liberty Mutual Insurance's current international presence in 30 countries spread across Europe, Asia and Latin America through the company's International and Global Specialty strategic business units.
Liberty Mutual's International local business operations offer insurance to individuals and businesses in Ireland, the United Kingdom, Spain, Portugal, Turkey, Poland, Russia, Thailand, Singapore, India, China (including Hong Kong), Vietnam, Venezuela, Brazil, Ecuador, Colombia and Chile. Private passenger motor insurance is the single largest line of business for Liberty Mutual's International strategic business unit, which insures more than 6.3 million vehicles worldwide.
About Liberty Insurance
Liberty Insurance provides car and home insurance to the Irish and UK consumer market along with commercial insurance to the business sector in Ireland. The company operates from offices in Cavan, Dublin and Enniskillen and employs over 1,000. The company is a wholly owned subsidiary of Liberty Mutual Insurance group.
About Hughes Insurance:
Hughes Insurance was first established in 1977. The business operates exclusively in Northern Ireland selling motor, van, home, business and travel insurance. It has a customer service centre and branch in Newtownards and 11 other branches in Ballymena, Ballynahinch, Belfast, Coleraine, Derry - Londonderry, Glengormley, Lisburn, Magherafelt, Newry, Omagh and Portadown. Hughes distributes 1 in 5 motor insurance policies sold in Northern Ireland and has a rapidly growing household and SME commercial insurance book.
For further information please contact:
Alan Watson (Liberty Insurance)
+44 28 9039 5502
+44 (0)7768 798 148
Dominic Finlay (Liberty Insurance)
+353 49 4373 694
+353 87 674 1533
Adrian Beattie (Hughes Insurance)
+44 28 9024 6722
+44 (0)7904 565 725
Adrianne Kaufmann (Liberty Mutual Insurance)
+1 617 574 5983
