Quinn purchaser sees net income slump
Liberty Mutual Holding has reported a 78.2% fall in net income to $365m (£232m) in 2011 from $1.68bn the previous year.
The owner of Liberty Mutual Insurance Europe also reported a worsening combined operating ratio (COR) from 101.2% in 2010 to 107.4% last year.
The group, which along with Irish Anglo Bank purchased Quinn Insurance in November last year, saw revenues increase by 4.5% to $34.7bn.
Highlighting the impact of catastrophes upon its results for the year ended 31 December 2011, the insurer revealed that such losses for the year were $2.7bn which, along with net incurred losses from prior years, added 6
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