Boston-based personal and commercial lines insurer Liberty Mutual Group reported net income increased 20 percent in the first quarter over the same period last year.
The company reported net income in the quarter of $350 million compared with $292 million in 2006.
In a conference call this morning, Chief Executive Officer Edmund Kelly noted Liberty Mutual has now been included in the Fortune 100 as a result of the company's growth.
The insurer reported net written premium for the quarter rose 7 percent to $5.7 billion, while the combined ratio, excluding catastrophes, rose 2.4 points to 99.1.
On the commercial market in general, Mr. Kelly said he sees continued aggressive pricing, particularly for the accounts with premiums of over $500,000.
He cited one national carrier, whom he did not name, as being particularly aggressive on pricing for both commercial and personal lines.
“On a positive note, terms and conditions seem to be holding,” he said.
The one dark cloud remains the specialty casualty lines, he noted.
“Some of the brokers are saying we are seeing a soft market something like the 1980s with all these new Bermuda folks looking to make their mark there,” he said.
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