BOSTON--(BUSINESS WIRE)--Liberty Mutual Insurance has signed a definitive agreement to acquire the assets of TRU Services, LLC, a Beverly, Massachusetts based managing general agent (MGA) that specialized in providing Medical Stop Loss products to mid- and large-size medical plan sponsors. TRU underwrites both specific and aggregate stop loss coverage, administering approximately $65 million in premium in 2016.
Once the transaction is closed in Q2, the founders of TRU, Jerry and Anne Trupiano, along with the entire 38-member strong TRU team, will join Liberty Mutual’s Specialty Lines-focused business unit Liberty International Underwriters (LIU) as employees. Once TRU becomes part of LIU, it will continue operating as an MGA throughout 2017 and will transition to directly writing Medical Stop Loss for LIU by January 1, 2018.
“As we look to expand our product offerings, medical stop loss offers an exciting opportunity for LIU, and the acquisition of an industry leader like TRU gives us a strong foothold in the market,” said Jim Hinchley, President of LIU Americas.
Jerry Trupiano, co-founder of TRU, said: “Liberty Mutual provides a terrific platform for the TRU team to continue to grow and develop the business we’ve built up over the past two decades. Anne and I are thrilled to become part of the Liberty Mutual family.”
About Liberty International Underwriters
Part of Liberty Mutual Insurance, Liberty International Underwriters (LIU) distributes global specialty lines products and services exclusively through the independent broker network worldwide to insure specialized risk in most countries in the world.
From New York to Melbourne, LIU maintains underwriting consistency that leverages substantial global capacity while giving its underwriters broad local authority to deliver creative solutions that genuinely add value.
Visit www.LIU-USA.com to learn more.
About Liberty Mutual Insurance
Liberty Mutual Insurance helps people preserve and protect what they earn, build, own and cherish. Keeping this promise means we are there when our policyholders throughout the world need us most.
In business since 1912, and headquartered in Boston, Mass., today Liberty Mutual is a diversified insurer with operations in 30 countries and economies around the world. We are the fifth largest property and casualty insurer in the U.S. based on 2015 direct written premium data as reported by the National Association of Insurance Commissioners. We also rank 73rd on the Fortune 100 list of largest corporations in the U.S. based on 2015 revenue. As of December 31, 2016, Liberty Mutual had $38.3 billion in annual consolidated revenue.
Liberty employs more than 50,000 people in over 800 offices throughout the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, accident & health, commercial automobile, general liability, property, surety, workers compensation, group disability, group life, specialty lines, reinsurance, individual life and annuity products.
You can learn more about us by visiting www.libertymutualinsurance.com.