Liberty Mutual
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The underwriting executive is taking on a role within the company’s GRS unit, where she will report to president Moore. -
The executive is staying on through the end of the year as an adviser.
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Sweeney was also appointed to the mutual’s board of directors, effective immediately, as he is set to become Liberty’s 10th CEO in its 110-year history.
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Excessive litigation costs and continued losses threaten the Sunshine state’s market.
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Other defendants in the complaint include Endurance, Great American Insurance, Ironshore, Ace American Insurance and TIG Insurance.
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Rate rises in the commercial lines market have decelerated in most insurance markets, but executives expect increases to remain above loss costs for some time.
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Pre-tax catastrophe losses in the quarter were $656mn, down from $1.0bn in the previous year quarter.
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The GRS unit has also appointed Matthew Moore as underwriting president.
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State Auto distributes personal and small commercial coverages in 33 states through roughly 3,400 independent agents.
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The Boston-based company reported increased severity from both personal and commercial auto lines, reflecting broad industry trends.
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According to a recent M&A risks market report, nearly 70% of US transactions use R&W coverage and four out of five PE deals in North America use M&A insurance.
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Liberty writes warranty and indemnity/representations and warranties, tax liability and contingent legal risk coverage in the US.
