BOSTON, Nov. 14 /PRNewswire/ -- Managed competition in the state's auto insurance system is delivering another key consumer benefit: more companies for people to choose from when buying a policy. Liberty Mutual Group today announced that one of its companies -- Keene, N.H.-based Peerless Insurance -- intends to return to Massachusetts next year after a 20-year absence. Peerless Insurance is expected to file rates on or after February 15, 2008, and plans to begin offering auto and home insurance through independent agents in the second quarter of next year.
Peerless Insurance is the first insurer to announce plans to enter the state to write auto insurance since Massachusetts Insurance Commissioner Nonnie S. Burnes introduced managed competition. In 1988, Peerless Insurance became the first of many companies to stop issuing new and renewal policies in Massachusetts because of the state's malfunctioning auto insurance system.
"Consumers like choices when making purchase decisions," said Edmund F. Kelly, Liberty Mutual Group Chairman, President and CEO. "Along with the recent increase of our direct sales force in Massachusetts, adding Peerless Insurance's distribution through independent agents underlines our commitment to providing a range of options to Massachusetts consumers."
Peerless Insurance currently sells personal insurance in seven states in its eight-state region, and ranks eighth overall by personal lines market share in that territory among companies that sell their products through independent agents. In 2006 the company wrote approximately $70 million in commercial insurance premiums in Massachusetts.
About Liberty Mutual Group
"Helping people live safer, more secure lives" since 1912, Boston-based Liberty Mutual Group (www.libertymutual.com) is a diversified global insurer and sixth-largest property and casualty insurer in the U.S. based on 2006 direct written premium. Liberty Mutual ranks 95th on the Fortune 500 list of largest U.S. corporations, based on 2006 revenue. The eighth-largest auto and home insurer in the U.S., Liberty Mutual sells full lines of coverage for automobile, homeowners, valuable possessions, personal liability, and individual life insurance. The company is an industry leader in group sponsored voluntary auto and homeowners insurance programs, offering personal lines insurance through payroll deduction and direct billing to employees and members of more than 10,000 companies, credit unions, professional associations and alumni groups.
Liberty Mutual Group has nearly 4,400 employees located in 33 offices across Massachusetts. Overall, Liberty Mutual Group has over 40,000 employees located in more than 900 offices throughout the world.
Peerless Insurance is a member of Liberty Mutual Group's Agency Markets business unit, which consists of regional property and casualty and specialty insurance companies that distribute products and services through independent agents and brokers.
CONTACT: Glenn Greenberg
(617) 574-5874
glenn.greenberg@libertymutual.com