Institution:Liberty Mutual Insurance

Liberty Mutual Insurance Group is a diversified worldwide insurer founded in 1912. Many people worldwide recognize the company as Liberty Mutual. As stated by the National Association of Insurance Commissioners, this company is the third largest casualty and property insurer in the United States of America. This is grounded on the net written premiums in 2010. In the 2011 Fortune 500 list, Liberty Mutual was the 82nd corporation. The insurance company is located in Boston, Massachusetts. Additionally, it has created employment for over 45,000 individuals in over 900 locations all over the world. By December 31 2010, Liberty Mutual Group consolidated assets were $112.35 billion and the consolidated liabilities were $95.4 billion. On the other hand, the company had $33.2 billion in the yearly consolidated revenue and $17 billion in the policyholder’s equity. The company deals with comprehensive insurance services and products. These services and products include global specialty, commercial multiple peril, general liability, homeowners, workers’ compensation, personal automobile, commercial automobile, fire and surety and group disability. Liberty Mutual Group owns almost all insurance companies in Chile, Brazil, China, India, Colombia, Argentina, Poland, Spain, Venezuela, Russia, Vietnam, Singapore and Portugal (Liberty Mutual Insurance, 2012). Initially, Liberty Mutual was the Massachusetts Employees’ Insurance Association. This was formed when the state law of Massachusetts required every employer to protect his or her employees with the workers’ compensation insurance in 1911. Liberty Mutual Group’s first branch was established in 1914. In the same year, the company wrote its first auto policy. The company changed its name to Liberty Mutual Insurance Company in 1917. Through partnerships, Liberty Mutual Group started to offer full coverage auto policies. Through the company’s Liberty Life Assurance Branch, Liberty Mutual Group started to offer life insurance in 1964. In 2002, Liberty Mutual group changed into its present joint holding company arrangement (Liberty Mutual Insurance, 2012). These changes were controversial as the company proposed to issue its policyholder’s interests in the mutual insurance company, whereby other policyholders believed that these interests issued would dilute their interest in the company forcing them to limit their dividends. During the past years, Liberty Mutual Group has made different procurements including the most present procurement of Safeco Corporation in 2008. The company agreed to procure Safeco’s outstanding shares for $68.25 per every share. The total procurement of all shares was almost $6.2 billion (Liberty Mutual Insurance, 2012). On the other hand, the company has a research institute called Liberty Mutual Research Institute for Safety. Started in 1954, this institute has researched on the health and occupational safety of employees. It has contributed in amending the machine safeguarding strategies. Moreover, the institute has recently created a Workplace Safety Index. The work of this institute is accessible to the public and it is non-proprietary. Liberty Mutual Group has dedicated itself to its customer choice model that allows an individual to conduct business with the company anyhow. Liberty mutual may be accessed via its website, brokers, agents or call center.Insurance UnderwriterAn insurance underwriter is an individual …