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Vermont is Home to Liberty Mutual’s First On-Shore Rent-A-Captive
FOR IMMEDIATE RELEASE March 3, 2005 BOSTON – Liberty Mutual has taken a significant step in its overall captive operations by establishing an on-shore captive insurance facility. Liberty Sponsored Insurance (Vermont), Inc. (LSIV) will serve as a rent-a-captive facility for businesses seeking an alternative to traditional insurance approaches. It will also provide reinsurance and deductible reimbursement plans. “We have long targeted Vermont for our sponsored captive because it meets two of our key client demands,” said Peter J. Willitts, president of Liberty Mutual Management Services. “First, Vermont protects our participants’ assets with laws similar to those in Bermuda which maintain the legal segregation of assets within the sponsored captive. Second, Vermont regulations allow us to write the types of insurance transactions and lines of business that our clients want us to provide.” Liberty Mutual’s entry into the on-shore arena greatly expands the captive marketplace in the U.S. by giving buyers access to a well-respected, Fortune 116 company who can offer them a full suite of products here and abroad. "Let me congratulate Liberty Mutual for the establishment of a sponsored captive facility in Vermont,” said Governor Jim Douglas. "Meeting the complex requirements of Liberty Mutual illustrates the flexibility and strength of Vermont's captive laws, and we wish them continued growth and success with their Vermont operations." LSIV will operate out of – and receive captive management services from - the company’s newly established captive management office in South Burlington, Liberty Mutual Management (Vermont) LLC. Brokers and clients can reach Kathryn Boucher in Vermont at 1-802-343-2488 or by email at captiveservices@libertymutual.com. About Liberty Mutual Captive Services Liberty Mutual Captive Services, a business unit of Liberty Mutual Group, offers a comprehensive array of captive and rent-a-captive products and services including fronting, reinsurance, claims management, safety and loss prevention and underwriting. 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 personal auto based on 2003 direct written premium. As of December 31, 2003, LMG had $64.4 billion in consolidated assets and $16.6 billion in annual consolidated revenue and ranked 116th on the Fortune 500 list of largest corporations in the United States for 2003. In 2001 and 2002 LMG reorganized into a mutual holding company structure. The three principal mutual companies of the group, Liberty Mutual Insurance Company, Liberty Mutual Fire Insurance Company and Employers Insurance Company of Wausau, each became separate stock insurance companies under the ownership of Liberty Mutual Holding Company, Inc. This structure provides LMG with better capital market access and greater strategic flexibility to pursue acquisitions and alliances, while aligning its legal structure with its operating structure and preserving mutuality. 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 employs nearly 38,000 people in nearly 900 offices throughout the world. ### Contact: |
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