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Liberty Mutual Insurance Company is an American diversified global insurer and the sixth-largest property and casualty insurer in the world. [3] It ranks 71st on the Fortune 100 list of largest corporations in the United States based on 2020 revenue. [4]
In 1752, Benjamin Franklin founded the first American insurance company as Philadelphia Contributionship.In 1820, there were 17 stock life insurance companies in the state of New York, many of which would subsequently fail.
Company founder Samuel A. Markel formed the Mutual Casualty Association and established the Mutual Casualty Company in Norfolk, Virginia. The company headquarters later moved to Richmond, Virginia. [3] Sam Markel's four sons, Lewis, Irvin, Stanley, and Milton, joined the business in the 1930s, and Markel Service, Inc. was created. [4]
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In September 2008, the company was acquired by Liberty Mutual Insurance for $6.2 billion in cash. [23] In February 2010, Safeco donated more than 800 pieces of its art collection, valued at $3.5 million, to a consortium of museums, the Washington Art Consortium. [24]
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