Liberty Mutual Group Receives General Insurance License from Vietnam's Ministry of Finance.
With the license, Liberty Mutual will operate a general insurance company - Liberty Insurance - that provides home, auto, travel and health insurance to individuals and property, liability, marine cargo and commercial auto to small to medium size enterprises throughout Vietnam.
"We are pleased that the government of Vietnam has granted us a license to enter its growing insurance market," said Edmund F. Kelly, Liberty Mutual's Chairman, President and CEO. "Vietnam's entry into the WTO creates exciting opportunities for us as increased trade will add further momentum to the country's growth and prosperity."
"From local businesses to the country's significant infrastructure projects, our personal and business insurance products will help people protect the assets of both their companies and their families," said Tom O'Dore, Liberty Mutual's Country Manager. "I look forward to officially opening our doors and helping develop the insurance industry in Vietnam."
In addition to providing insurance coverage, a key component of Liberty Mutual's global presence, especially in Asia, is the work conducted by its Research Institute for Safety. In September 2006, the Research Institute signed a memorandum of understanding with the National Institute of Occupational and Environmental Health (NIOEH) in Vietnam to open a joint research institute in Hanoi called the Liberty SafeWork Center. Officially opening in early 2007, the Center will host on-going safety research projects conducted throughout Vietnam by researchers from NIOEH and Liberty Mutual's Research Institute. The research projects are funded by Liberty Mutual.
Since 2004, the Research Institute has conducted a study in conjunction with the NIOEH to determine the total number of injuries in the country and how many of those injuries happen at work. The goal is to provide Vietnam with a model for reporting workplace injuries as part of the Prime Minister's initiative to reduce work site injury in Vietnam dramatically over 10 years.
Liberty Mutual Group's international operations are managed through its strategic business unit, Liberty International. Liberty International provides insurance products and services through two distinct approaches. The first is through locally domiciled insurance companies based around the world, which provide mostly personal insurance products and services. The second approach is through Liberty International Underwriters (LIU), which provides specialty commercial lines of insurance worldwide, including casualty, specialty casualty, marine energy, engineering and reinsurance.
Liberty International's operations reported approximately $3.9 billion in revenue in 2005. Liberty International has 7,000 employees and operations in the U.S. and 21 countries - Argentina, Australia, Brazil, Canada, Chile, China, Colombia, Dubai, France, Germany, Hong Kong, Ireland, Portugal, Singapore, Spain, Switzerland, Thailand, Turkey, United Kingdom, Venezuela and Vietnam.
About Liberty Mutual Group (LMG)
Boston-based Liberty Mutual Group (LMG) is a leading global insurer and sixth largest property and casualty insurer in the U.S. whose largest line of business is private passenger automobile based on 2004 direct written premium. As of December 31, 2005, LMG had $21.2 billion in annual consolidated revenue. The Company ranks 102nd on the Fortune 500 list of largest corporations in the United States based on 2005 revenue.
LMG offers a wide range of insurance products and services, including personal automobile, homeowners, workers compensation, commercial multiple peril, commercial automobile, general liability, global specialty, group disability, assumed reinsurance, fire and surety.
LMG (www.libertymutual.com) employs over 39,000 people in more than 900 offices throughout the world.
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|Date:||Nov 16, 2006|
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