More Layoffs Underway at Liberty Mutual

Liberty Mutual Insurance is notifying about 250 more employees their jobs are ending. Most of the layoffs take effect in the second quarter, according to a company spokesperson.

Source: AM Best | Published on February 5, 2024

Liberty Mutual to layoff 250 people

Liberty Mutual Insurance is notifying about 250 more employees their jobs are ending. Most of the layoffs take effect in the second quarter, according to a company spokesperson.

The reduction is part of a reorganization that started last year and has resulted in multiple rounds of layoffs. “Some areas of our business are adapting their organizational structures,” said the spokesperson.

Employees are impacted in the Liberty Mutual U.S. Retail Markets and Global Risk Solutions business units and other corporate groups.

The latest round is hitting about 0.5% of Liberty Mutual’s global workforce of 50,000. Liberty Mutual plans to minimize the final count by offering many employees alternatives within the organization, said the spokesperson.

Employees unable or uninterested in a new post are eligible for severance and outplacement assistance.

“We have been transparent with our employees that we are on a multiyear transformation to ensure our organization is set up for future success and to address the rise of emerging risks.,” said the spokesperson.

“This means we are reimagining and optimizing our business — including our product portfolio, an intentional focus of our global footprint and investment in innovation and capabilities — while prioritizing our efforts to focus on how we can provide the most value for our customers, agents, brokers and partners.”

About 2% of Liberty Mutual’s U.S. workforce, or roughly 850 positions, were eliminated at the end of last year. Earlier in 2023 the company said it would end 370 jobs as part of the reorganization.

Layoffs hit a range of companies last year from major property/casualty carriers to insurtechs, including Geico Allstate, Farmers, American Family, Liberty Mutual, Germania, Branch, Cowbell, Wefox, Pie, Corvus and Vesttoo.

Operating entities of Liberty Mutual Holding Co. Inc. currently have a Best’s Financial Strength Rating of A (Excellent).

 

 

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