Liberty Mutual Insurance Co. on Wednesday said it has changed its commercial, specialty and surplus and surplus distribution channels so that products placed through U.S. retail brokers will go through Liberty Mutual, and wholesalers will have access to its Ironshore unit.
Since Liberty Mutual’s acquisition of Ironshore in 2017, retail and wholesale brokers have coverage with both entities. And before the deal, Liberty Mutual had worked with retailers and wholesalers, Matt Dolan, president of the insurer’s global risk solutions North America Specialty division and Ironshore, said in an interview.
“Wholesale has a certain kind of dynamism and a really relevant and important place in the E&S and specialty space, and when you dedicate capacity, product and now brand to it, your opportunities to realize its full potential to everyone̵7;s collective benefit are greatly enhanced,” he said .
The insurer’s E&S casualty line and its E&S shared and stratified property line will be significantly more wholesale oriented, and specialty lines such as its wood frame risk coverage will be exclusively wholesale, Mr. Dolan.
“As we continue to build out and go through this development, there will be more of those types of products,” he said.
Liberty Mutual will also align its underwriters by channel, Mr. Dolan.
“Ultimately, there will be an opportunity to adapt writing businesses to that channel as well,” he said.