Freedom Mutual Insurance Co. will realign its property/setback operations following the declaration it would offer its life and inability protection unit to Lincoln Financial Group for about $3.3 billion, Liberty Mutual said in an announcement Friday.
The Boston-based unit, Liberty Life Assurance Co., gives gather incapacity, amass life, singular life and annuity items.
“Through this exchange, Lincoln Financial will have an essentially expanded nearness in the gathering benefits showcase by supplementing our current little to center market qualities with considerably more profound huge case and handicap ability,” Dennis R. Glass, president and CEO of Radnor, Pennsylvania-based Lincoln Financial said in an announcement.
The exchange is relied upon to be finished in the second quarter of 2018, pending administrative endorsements and other standard shutting conditions, the announcement said.
Going ahead, Liberty Mutual will separate its business property/setback business into two units, Global Risk Solutions and Global Retail Markets.
Worldwide Risk Solutions will comprise of Liberty Mutual’s worldwide forte unit, Iron shore, national protection and its worldwide reinsurance procedure gathering.
The unit will be driven by Dennis J. Langwell, now Liberty Mutual’s CFO. Kevin H. Kelley, CEO of Iron shore, will be bad habit administrator, Global Risk Solutions, and answer to David Long, Liberty Mutual’s director and CEO.
Worldwide Retail Markets will join Liberty Mutual’s current worldwide customer markets unit with its business protection and mischance and well being associations, once in the past in business protection.
Timothy Sweeney, leader of worldwide purchaser markets, will head the retail unit.
Christopher L. Peirce, leader of worldwide claim to fame, will move toward becoming Liberty Mutual’s CFO. Other corporate capacities will keep on being driven and worked without changes, the announcement said.
“The offer of the Life Company enables us to completely concentrate on our property and setback business,” Mr. Long said in the announcement.