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Liberty Mutual Insurance announced Monday morning it will acquire global specialty lines company Ironshore Inc. from Fosun International Ltd. for approximately $3 billion.

As much as 70 percent of the expense will be tied to residential properties, and insurers will also pay claims related to business interruption and vehicle damage.

Allstate said the countrys transportation network is highly inefficient, with vehicles sitting idle for most of the day, and that the company is betting on inevitable changes to the system.

AIG would weigh acquisitions to bolster high-priority businesses, even as CEO Peter Hancock exits other units, the head of the companys commercial insurance operation said.

Hartford previously divested a domestic life business, its Japan operations and a U.K. unit that offered retirement products.

Jared Abbey will serve as senior VP for corporate strategy and development with commercial insurer W.R. Berkley.

Munich Res new profit target of $2.6 billion now includes restructuring costs at the Ergo primary-insurance unit.

Evan Greenberg, who built one of the worlds largest insurers by combining Ace Ltd. and Chubb Corp. this year, sought to portray the merged company as a more stable alternative than hobbled rivals who are seeking to rebound.