Liberty Mutual Insurance Group, a diversified underwriting start up, has forayed into Ecuador’s insurance arena, riding on two acquisitions including Panamericana de Seguros del Ecuador and Cervantes Compania de Seguros y Reaseguros.
The acquired firms mainly offer auto insurance, other property and casualty products as well as group life and health insurance, and position Liberty Mutual as the fifth largest non-life insurer in Ecuador, says the company.
Established in 1973, Panamericana is the 11th largest property and casualty insurer in Ecuador with $48m in gross written premium in 2011.
Cervantes was set up in 1993, by Banco Internacional and is the 15th largest property and casualty insurer in Ecuador with $25m in gross written premium in 2011.
Commenting on the business expansion, Liberty Mutual Insurance Group president and chief executive officer David H Long said with the additions of Panamericana and Cervantes, the company enters Ecuador’s active and growing insurance market from a position of strength.
"Both companies have complementary distribution channels and excellent reputations. We look forward to offering Ecuador’s consumers the products and services they desire and choices in how they wish to purchase them," Long added.
As per the data released by Liberty Mutual Insurance Group, the firm’s net written premium stood at $31.2bn as of 31 December 2011; $8.2bn, or 26% of it came from its overseas operations.
Boston-based Liberty Mutual Insurance is the third largest property and casualty insurer in the US based on 2011 direct premiums written as reported by the National Association of Insurance Commissioners.
Liberty Mutual Insurance provides a suite of insurance products and services, including personal automobile, homeowners, workers compensation, property, commercial automobile, general liability, global specialty, group disability, reinsurance and surety.