Liberty Mutual Holding Company Inc. and its subsidiaries reported higher net profit in the first quarter of 2019 among lower disaster losses.
Net income increased 3.5% to $ 671 million for the first three months of 2019 compared to the same period last year, according to the income statement released on Thursday by the Boston-based insurer.
Net debt in the first quarter of 2019 amounted to $ 9.7 billion, an increase of 2.8% over the same period in 2018, "mainly produced by strong performance in special insurance," said David Long, chairman and CEO of the statement.
Total insurer's total quota for the three months ending March 31, including the impact of the disasters and net losses attributable to previous years was 96.3%, compared to 99.0% in the same period in 201
April, Liberty Mutual announced that it has agreed to acquire AmTrust Financial's Global Warranty and Credit Reinsurance Services Inc., including AmTrust Surety, AmTrust Insurance Spain, National Security and National Borg Reinsurance, subject to approval and customary terms of termination. In March, Liberty Mutual said it would sell its Pembroke Managing Agency Ltd., the Ironshore Europe business and the Visionary (Dubai) units to the Hamilton Insurance Group Ltd.
The two transactions aimed at optimizing our insurance portfolio "and the sale of the Pembroke syndicate and Ironshore Europe Business" eliminates dual efforts and thereby streamlines our global specialty business, "Long said.