The Department of the Treasury and the Internal Revenue Service released new guidance that is “designed to expand the use of income annuities in 401(k) plans.”
Liberty Mutual Insurance Group, one of the largest property and casualty
insurers in the world, today announced expansion of its Latin American
operations by entering Ecuador’s insurance marketplace following the
acquisitions of Panamericana de Seguros del Ecuador S.A. and Cervantes
S.A. Compania de Seguros y Reaseguros, two insurers offering primarily
auto insurance, other property and casualty products as well as group
life and health insurance. The two companies’ combined property and
casualty market share will position Liberty Mutual as the fifth largest
Non-Life insurer in Ecuador.
The parties did not disclose the financial terms of the agreements.
Panamericana, which began operations in 1973, is the 11th largest
property and casualty insurer in Ecuador with $48 million in gross
written premium in 2011. The company distributes its products through
agents and brokers. Panamericana is headquartered in Quito and has
operations in Guayaquil, Cuenca and Manta.
Cervantes was owned by Banco Internacional and is the 15th largest
property and casualty insurer in Ecuador with $25 million in gross
written premium in 2011. Headquartered in Quito, Cervantes began
operations in 1993. The company primarily distributes its products
through the agent and banking channels.
"With the additions of Panamericana and Cervantes, we enter Ecuador’s
dynamic and growing insurance market from a position of strength,” said
David H. Long, Liberty Mutual Insurance Group president and chief
executive officer. "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.”
Liberty Mutual Insurance Group reported net written premium as of
December 31, 2011 of $31.2 billion, of which $8.2 billion, or 26
percent, came from its International operations.
The acquisitions in Ecuador add to Liberty Mutual's International local
business operations that sell to individuals and businesses in three
geographic regions: Latin America, including Venezuela, Brazil,
Colombia, Argentina and Chile; Europe, including Spain, Portugal,
Turkey, Poland, Ireland and Russia; and, Asia, including Thailand,
Singapore, India, China (including Hong Kong) and Vietnam.
Private passenger automobile insurance is the single largest line of
business for Liberty Mutual's International operations, which insures
more than 5.9 million autos worldwide.
Liberty Mutual has been the number one insurer in Venezuela every year
since 2002. The company is also the number two property and casualty
company in Colombia, and is among the top 10 property and casualty
companies in Argentina, Brazil and Chile.
About Liberty Mutual Insurance Group
"Helping people live safer, more secure lives" since 1912, Boston-based
Liberty Mutual Insurance is a diversified global insurer and the third
largest property and casualty insurer in the U.S. based on 2011 direct
premiums written as reported by the National Association of Insurance
Liberty Mutual Insurance also ranks 84th on the Fortune 100 list of
largest corporations in the U.S. based on 2011 revenue. As of December
31, 2011, Liberty Mutual Insurance had $117.1 billion in consolidated
assets, $99.3 billion in consolidated liabilities, and $34.7 billion in
annual consolidated revenue.
Liberty Mutual Insurance offers a wide range of insurance products and
services, including personal automobile, homeowners, workers
compensation, property, commercial automobile, general liability, global
specialty, group disability, reinsurance and surety. Liberty Mutual
employs over 45,000 people in more than 900 offices throughout the world.
Liberty Mutual InsuranceAdrianne Kaufman, 617-574-5983Adrianne.firstname.lastname@example.org
Source: Liberty Mutual Insurance