New Reinsurance Offering Lets Insurers Cost-Effectively Provide Equipment Breakdown Coverage
May 7, 2014 - Liberty Mutual Insurance now offers property and casualty insurers a new source for reinsurance of equipment breakdown.
“We can offer this product because of the experience we’ve gained over the last five years,” notes Mike Martin, executive vice president and general manager, Liberty Mutual’s National Insurance Property operation. “Five years ago, we started offering equipment breakdown coverage to existing property clients, and quickly expanded to provide this coverage on commercial packages and monoline policies. Along the way, we developed the superior underwriting, claims, risk engineering and jurisdiction inspection expertise that we now make available through our new assumed reinsurance product.”
Liberty Mutual provides equipment breakdown assumed reinsurance to insurers through treaties, programs and on a case-by-case basis. All programs are customized and seamlessly delivered to policyholders.
“We see a great opportunity in equipment breakdown, both as a primary provider and a reinsurer,” notes Martin. “The new assumed reinsurance product gives primary insurers an effective way to meet the highly-specialized needs of certain policyholders, while continuing to focus on their core products and services.”
For more information on Liberty Mutual’s assumed reinsurance for equipment breakdown, please contact an underwriter at lmeb.questions@libertymutual.com or 877-526-0020.
About Liberty Mutual Insurance
“Helping people live safer, more secure lives” since 1912, Boston-based Liberty Mutual Insurance is a diversified global insurer and the third largest property and casualty insurer in the U.S. based on 2013 direct premiums written, as reported by the National Association of Insurance Commissioners.
Liberty Mutual Insurance also ranks 81st on the Fortune 100 list of largest corporations in the U.S. based on 2012 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 Mutual Insurance offers a wide range of insurance products and services, including personal automobile, homeowners, workers compensation, property, commercial automobile, general liability, global specialty, group disability, reinsurance and surety. Liberty Mutual Insurance (www.libertymutualinsurance.com) employs over 50,000 people in more than 900 offices throughout the world.
