Liberty Mutual Had A ‘Messy’ 2Nd Quarter - Liberty Inter-National And Global Specialty (Along With Surety) Grew

Liberty Mutual Had A ‘Messy’ 2Nd Quarter - Liberty Inter-National And Global Specialty (Along With Surety) Grew

Results were affected by currency volatility in higher catastrophe losses, venezuela as well as pure energy sector woes, along with ongoing competitive pressures and quite low interest rates.

Ratio including catastrophes for the quarter was 102. However, net operating income for the quarter was 115 bucks million, a decrease of 263 bucks million or 69. Amongst the good however, net or news written premium was up 6 percent overall and every of its 4 biz units -individual Global, liberty transnational, insurance or TV commercial Insurance Specialty grew. Except that in the deal where ACE Limited is getting Chubb Insurance, asked about latter effect merger activity in the property/casualty entrepreneurship, long said overall he does not see much of an impact for Liberty Mutual, it will mean 2 competitors becoming one.

That said, otherwise, he said he sees Liberty Mutual as an acquirer that will continue to look for options. Long said the individual lines market continues to face stiff competition.

Liberty Mutual said its auto claims frequency is flat, while some another auto insurers have reported increasing claims frequency. Along with catastrophes impact, the total individual Insurance combined ratio for the 3 months ended June 30, 2015 was 101.

On top of that, peronal passenger auto net written premium was 471 bucks billion for the quarter, an increase of 105 bucks million. The increases largely reflect rate and model year increases. Homeowners written premium for the quarter was 806 dollars billion, up 108 dollars million.

Long said getting newest ad lines entrepreneurship while holding the straight line on prices remains a challenge in modern marketplace. Including catastrophes impact, the total combined ratio for the 3 months ended June 30, 2015 for TV ad Insurance was 100. with special passenger automobile insurance being its largest outline of buziness, liberty transnational sells to nations and businesses in overseas markets. The unit was realigned in 2014 3rd quarter. Net written premium for Liberty worldwide grew 294 dollars million in the quarter to 746 bucks billion. Excluding the considerable negative impact of overseas exchange driven by the dollar strengthening, the progress in all periods reflects regional currency growth due to an increase in individual passenger auto buziness in Brazil and increases in sum insured values in the auto threshold of buziness resulting from inflation in Venezuela, the acquisition of Malaysia in the 3-rd quarter of 2014.