BOSTON (April 17, 2024) – Liberty Mutual Insurance today announced strategic updates in the ongoing transformation of Global Risk Solutions (GRS), the company's global commercial and specialty (re)insurer and international insurance operations, that will bolster its presence in key global markets, including Asia Pacific, and bring clarity, ease of access and the full breadth of the company’s capabilities to clients and broker partners.
The announcement includes the creation of a new international insurance business division, the unification of two business operations in Asia and the evolution of the company’s global surety model. These strategic choices allow GRS to further enable global capabilities through local execution -- all in service of meeting the evolving needs of clients and broker partners.
“In an environment characterized by accelerating change and higher volatility, our ambition is to be a trusted partner that is risk aware, not risk averse,” said Neeti Bhalla Johnson, President, Global Risk Solutions. “We are committed to investing in our talent, capabilities, and operating model to enable us to intentionally deliver an integrated business, rooted in underwriting excellence and risk expertise while providing exceptional service and value to our clients and broker partners globally. Today’s announcements are the next exciting step in our multi-year transformation journey to build the (re)insurer of the future.”
GRS will create Liberty International Insurance (LII), which will continue to go to market in Asia Pacific, Europe, Latin America and the UK & MENA under its existing brands, including Liberty Specialty Markets (LSM) and Liberty Insurance. Phil Hobbs, currently President and Managing Director, Liberty Specialty Markets, will be named President, Liberty International Insurance and continue to report to Bhalla Johnson.
This restructure brings together two business units in Asia -- LSM and Asia Retail Markets -- to create a single unified strategy in the region. Matthew Jackson, currently Head of Asia for Liberty Specialty Markets, will be named President, Liberty International Insurance, Asia Pacific. Jackson will continue to be based in Singapore and will report to Hobbs.
LII’s other regions will continue to be led by: Kadidja Sinz, President, Europe; Manuel Moreno, President, U.S. and Latin America; and Luis Prato, President, UK & MENA. Sinz, Moreno and Prato will continue to report to Hobbs.
Additionally, Defne Turkes, currently President, Asia Retail Markets, will be named Chief Operating Officer, Liberty International Insurance, and will dual report to Hobbs and Sue Figueredo Cook, Chief Operating Officer, Global Risk Solutions.
Mike Abdallah, who started the Asia Pacific commercial insurance business of LSM 25 years ago, continues in his current leadership role.
“With the formation of LII, we see significant potential for growth in prominent global markets and the opportunity to combine our strong commercial and retail understanding in Asia Pacific. This region is projected to be one of the largest P&C insurance markets in the world in the coming years, driven by favorable demographic trends, ongoing infrastructure investments and increasing insurance penetration,” said Hobbs. “Matthew is well placed to oversee the next phase of our advancement in the region as we bring our Asia Pacific strategy and business under one leader, enabling a local-first approach and maximizing the company’s strongest and most differentiated capabilities.”
Hobbs continued: “We are able to rely on an exceptional leadership team in Asia Pacific. Defne has significant experience running complex operations functions and has extensive knowledge of the market. Mike has built a truly market-leading commercial business in Asia Pacific over the last two decades, based on a relentless focus on the needs of clients and broker partners in the region.”
Liberty Mutual Surety is making organizational changes in the U.S. which will benefit its brokers and customers globally. As a result of this new operating model, Liberty Mutual Surety can better leverage its talent to provide surety customers worldwide with more product expertise and value-added services.
Tim Mikolajewski, President, Global Surety, will continue to lead these operations, reporting to Bhalla Johnson.
“As we lean into the success of our leading Surety operation and continue the evolution into a global business, we’ve taken the opportunity to assess our model and focus on broadening our capabilities to the global surety market,” said Mikolajewski.
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About Liberty Mutual Insurance
At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people and businesses embrace today and confidently pursue tomorrow.
In business since 1912, and headquartered in Boston, today we are the fifth largest global property and casualty insurer based on 2022 gross written premium. We also rank 86 on the Fortune 100 list of largest corporations in the US based on 2022 revenue. As of December 31, 2023, we had $49.4 billion in annual consolidated revenue.
We employ over 45,000 people in 27 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.
For more information, visit www.libertymutualinsurance.com.
Contact: Liberty Mutual Insurance Public & Media Relations
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