Liberty Mutual To Lay Off 1,500

Monday, August 23rd, 1999 Risk Management

Liberty Mutual Group will lay off 1,500 workers and reduce the company’s expenses by more than $150 million by the first quarter of 2000, the Boston-based carrier has announced. “The commercial property and casualty industry has been in a prolonged period of price deflation,” said Liberty Mutual's president and chief executive officer, Edmond Kelly. “Industry-wide results have been extremely poor and there is no sign of real relief.” The Liberty Mutual Group employs some 37,000 people in more than 900 offices throughout the world. The layoffs come as part of Liberty Mutual’s realignment of its commercial insurance operations.

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http://www.nationalunderwriter.com/archives/Pc_archive/1999/P08-23/34liberty.asp

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