Liberty Mutual Insurance has revealed plans to market and sell all personal lines products under the Liberty Mutual brand by 2026.
This move will see the retirement of the Safeco Insurance brand, which has been part of the company’s independent agent channel since its acquisition in 2008.
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Safeco has grown to generate more than $13bn in annual premiums, offering auto, property and specialty products across 48 US states through a network of 22,000 independent agencies.
Safeco customers can maintain their existing agent relationships, and the only change to their policies will be in name, the release stated.
Liberty Mutual offers products directly to consumers online and via licensed sales representatives at call centres, while maintaining its product offerings separately across direct and independent agent channels.
Liberty Mutual US Retail Markets chief distribution and marketing officer Tyler Asher said: “This transition will allow us to fully harness the Liberty Mutual brand value for all of our customers, agents and partners, across all distribution channels.
“Importantly, this will significantly simplify our business, allow us to dedicate our considerable marketing power behind a single brand, and enable us to leverage and scale our technology to deliver unified but differentiated products and experiences across channels.”
Liberty Mutual US retail markets independent agent distribution president Luke Bills stated: “The Safeco legacy is one of strength, partnership and an unwavering commitment to independent agents. We will carry that legacy forward and will bring our agents even greater value with this brand change.”
Liberty Mutual Holding Company and its subsidiaries (collectively LHMC) posted attributable net income of $1.2bn for the fourth quarter of 2024, a 89.4% rise from $654m in the same quarter of the previous year.
The company posted attributable net income of $4.3bn for the full year 2024, up from $213m in 2023.
Recently, Liberty Mutual Insurance agreed to sell its operations in Thailand and Vietnam – LMG Insurance and Liberty Insurance, respectively – to Chubb.
