Liberty Mutual Inc. entered an agreement with National Indemnity Co. (NICO), a subsidiary of Berkshire Hathaway Inc., to provide adverse development coverage, subsequently increasing Liberty Mutual's Standard & Poor ratings to 'BBB' from 'BBB-.'
Additionally, all of Liberty Mutual's insurance subsidiaries received an increased S&P rating by one notch. The outlook on all of these companies has also changed to "stable" from "positive," reflecting the expectation that Liberty Mutual will maintain its current operating performance level.
Under the agreement, NICO will provide adverse development coverage for all of Liberty Mutual's U.S. workers' compensation and A&E liabilities, with an aggregate limit of $6.4 billion.
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