The decision to cut about 2% of the workforce is expected to impact the retail markets and global risk solutions business units, as well as technology and other corporate groups.
A Liberty Mutual spokesperson was quoted by the publication as saying: “We have made the difficult decision to eliminate approximately 850 positions, nearly all in the US, across several functions this month, many of which are effective by the end of the year.
“Impacted employees will be eligible for severance and outplacement assistance and are encouraged to apply for other positions within the organisation.”
A Liberty Mutual spokesperson said the company was undergoing a “multi-year transformation” to address emerging risks.
The spokesperson added: “We will reimagine how we do business with a focus on efficiency and effectiveness; and will prioritise our efforts to focus on how we can provide the most value for our customers, agents, brokers and partners.”
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In July 2023, Liberty Mutual cut 370 jobs in the US as part of a restructuring plan, representing less than 1% of the company’s global workforce.
Earlier this year, Liberty Mutual agreed to sell Spanish insurance company Liberty Seguros to Italian insurance major Generali for €2.3bn ($2.52bn).
Liberty Seguros’s portfolio comprises insurance solutions for non-life and life-risk products, forming the personal lines and small commercial insurance business of Liberty Mutual.
Liberty Mutual also agreed to sell its Latin America operations to Talanx Group’s Retail International division for around €1.4bn earlier this year.