A month before its annual meeting in Boston, the PropertyCasualty Insurers Association of America has lost a key member fromthe same city.
|Liberty Mutual Group will no longer be a member of PCI,PC360 has learned. Thethird-largest P&C insurer in the U.S. confirmed its defectionin an email, but did not indicate a reason why this decision wasmade. It continues to be a member of the National Association ofMutual Insurance Companies.
|Marguerite Tortorello, senior vice president of public affairsfor PCI tells PC360 LibertyMutual notified the association, which represents more than 1,000insurers, that it will resign in one year.
|“Liberty has been a highly-valued member and we wish them thebest,” Tortorello says.
“PCI is well positioned for thefuture with a strong balance sheet and a high performing staff,”adds Tortorello. “We will continue to focus on providing memberdriven advocacy, thought leadership, comprehensive complianceinformation, and exceptional service to our more than one thousandmember companies to advance our mission of promoting and protectingthe viability of a competitive private insurance market for thebenefit of consumers and insurers.”PCI's members, including LibertyMutual for the time being, write over $190 billion in annualpremium and occupy 32 percent of the U.S.homeowners market, 46percent of the auto market, 38 percent of the commercial propertyand liability market and 41 percent of workers' compensation.This is not the first time PCI haslost a large, influential carrier. Allstate gave notice and leftthe association in late December 2007, choosingto invest inin-house government relations.Want to continue reading?
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