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Liberty Mutual

Liberty Mutual Group, best known as Liberty Mutual Insurance, is a United States based global insurance company. It’s also the third largest known insurer of properties and casualties within the United States alone. The company currently offers a wide range of insurance products that are just as diversified as their presence around the world.

 

The insurance company is rather unique in their approach in selling insurance, namely due to their large international presence in companies that they wholly or partially own. As of the current decade, Liberty Mutual currently owns various locally-based insurance companies in the United Kingdom, Ireland, Russia, Brazil, Chile, China (and Hong Kong), India, Venezuela, Singapore and Spain.

 

Another unique quality about Liberty Mutual is that they remain a mutual company. This allows policyholders to essentially hold a stake as a shareholder in the company, particularly if they hold a contract with the insurance company. That particular perk generally only applies to customers in the United States; in other countries, Liberty Mutual operates under several subsidiaries where the company’s mutual benefits don’t apply to customers there.

 

Liberty Mutual was initially founded in 1912 as the Massachusetts Employees’ Insurance Association (MEIA). The company’s founding was fueled by the establishment of a new Massachusetts state law that applied to employers. Since its founding, Liberty Mutual has enjoyed modest growth from its Boston, Massachusetts headquarters.

 

Advertising and logo

 

Like the company itself, Liberty Mutual has kept the company’s use of aggressive advertising to a minimum. Despite that, the company has seen significant growth across many markets—to the point where they have expanded across the world.

 

Liberty Mutual mainly supported its growth throughout the years through acquiring other companies, besides relying solely on its organic growth. The insurance company’s early acquisitions were small, though over the past decade they’ve made significant strides in acquiring larger companies.

 

One of their largest acquisitions was the Safeco Corporation, which occurred back in 2008; they gained ownership of the corporation after purchasing all of their outstanding shares for $68.25 per share, equal to about $6.2 billion. That helped boost their financial revenue to from about $6 billion to over $30 million in a little as a decade.

 

They have done some nationwide advertising, though. Most of them consist of simple advertisement campaigns depicting the message of the company. In 2006, they decided to make their advertisement campaign unique by depicting people doing kind things for strangers. The response to this advertisement campaign was so positive that it prompted Liberty Mutual to create a website known as The Responsibility Project.

 

The insurance company is also the sole corporate sponsor for the long running documentary series, PBS’ American Experience. To compliment the series’ broadcasts, they’ve created several unique advertisements that only air during the broadcasts. In 2011, they created another unique advertising campaign known as ‘Real American,’ introducing new commercials that depicted American icons Paul Revere and Sacagawea.

 

The logo of Liberty Mutual is simple in design, though expresses the principles of the company. It’s a logo with ‘Liberty Mutual’ printed above a thick line with ‘Insurance’ printed underneath in capital letters. The text is usually in gray, which helps the text easily show against various backgrounds. An alternative version of the logo shows ‘Liberty’ on one line and ‘Mutual’ on the other line with the iconic image of the Statue of Liberty vectorized beside it. The vectorized Statue of Liberty icon is also on the main logo, too.

 

The History of Liberty Mutual

 

As mentioned, Liberty Mutual was first founded as the Massachusetts Employees’ Insurance Association (MEIA). It was founded in response to a law that had passed in the previous year, changing how Massachusetts employers handled employee compensation.

 

In 1911, the state of Massachusetts had passed a new state law that required employers to start providing protection for their employees with worker’s compensation insurance. In response to this, Liberty Mutual as the Massachusetts Employees’ Insurance Association was founded to accommodate employees and employers who needed that type of insurance.

 

The company opened in 1912 as a mutual company, meaning that it was owned by its policyholders and not stockholders. By 1914, the company eventually opened its first branch office in the city of Springfield, Massachusetts. During that same year, the first auto insurance policy was issued.

 

By the year 1917, Liberty Mutual changed their name to Liberty Mutual Insurance Company from the previous name, Massachusetts Employees’ Insurance Association. Around that time, they also started offering public liability insurance. The company also entered into an agreement with the United Mutual Fire Insurance Company, an arrangement that allowed them to offer complete auto insurance to customers. The aforementioned fire insurance company was later renamed to Liberty Mutual Fire Insurance. Once 1919 arrived, the company launched their first advertising campaign.

 

Around the 1930s, the company relocated to Boston, even holding a groundbreaking event to commemorate moving to their new headquarters. During the same year, in 1936, they also became the top insurance provider of workers’ compensation insurance within the country. By the next year, they completed their expansion in all 48 states.

 

During the 1940s, Liberty Mutual expanded their efforts to help those affected by the war, resulting in their opening of the country’s first rehabilitation center in Boston, established to help restore injured people back to meaningful lives.

 

By the time 1964 arrived, Liberty Mutual started offering life insurance that was provided through its Liberty Life Assurance Branch. Since then, Liberty Mutual has expanded to offer several types of insurance that are available around the world.

 

Services at Liberty Mutual

 

As mentioned, Liberty Mutual currently provides several different types of insurance products for customers, including the standard life insurance and auto insurance. Liberty Mutual sells their insurance products under their Personal Insurance and Commercial Insurance labels, in addition to providing several Global Specialty services.

 

Liberty Mutual’s Personal Insurance line includes their automobile insurance, homeowners insurance and various other types of property insurance, including property-casualty insurance coverage. They also include other life and annuity products that are sold to customers within the United States.

 

Their Personal Insurance products and services are generally distributed to over 2,500 licensed sales representatives of theirs, licensed telesales representatives and via the Internet. Prospective and current customers can currently find a wide array of information about Liberty Mutual’s Services at their official website, where they host many resources for the purpose of addressing consumer questions and concerns.

 

Their Commercial Insurance products and services includes property-casualty and group benefits insurance coverage. These products are usually provided through independent agents, brokers and other insurance benefit consultants within the country. This line of insurance products includes their Business Insurance, National Insurance, Group Benefits and Other Commercial Insurance.

 

Liberty Mutual’s Global Specialty products address the insurance-related needs of three specific market segments. These segments are the Liberty International Underwriters (LIU), Liberty Mutual Surety and Liberty Mutual Reinsurance.

 

To go more into detail, Liberty Mutual Underwriters sells specialty commercial insurance and reinsurance policies around the world. They also write coverage policies for a wide array of insurance needs around the world including casualty, specialty casualty, marine, energy, property and more.

 

Liberty Mutual Surety provides nationwide contract and commercial surety bonds to various businesses. Liberty Mutual Reinsurance, on the other hand, provides reinsurance for both domestic and foreign-based insurance/reinsurance companies.

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