Liberty Mutual Insurance Co. on Wednesday said it has changed its commercial, specialty and excess and surplus lines distribution channels so U.S. products placed via retail brokers will be through Liberty Mutual, and wholesalers will access its Ironshore unit.
Since Liberty Mutual’s acquisition of Ironshore in 2017, retail and wholesale brokers have placed coverage with either unit. And prior to 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 dynamic and a really relevant and important place in the E&S and specialty space, and when you dedicate capabilities, product and now brand towards it, your prospects of realizing its full potential for everybody’s collective benefit is greatly enhanced,” he said.
The insurer’s E&S casualty line and its E&S shared and layered property line will be substantially more wholesale focused and specialty lines such as its wood frame builders risk coverage will be exclusively wholesale, Mr. Dolan said.
“As we continue to build out and move through this progression, there’ll be more of those kinds of products,” he said.
Liberty Mutual will also align its underwriters by channel, Mr. Dolan said.
“Ultimately, there’ll be an opportunity to align writing companies to that channel, too,” he said.
