S&P views Liberty Mutual negatively

S&P said it revised its outlook for Liberty Mutual Group Inc. to negative from stable and affirmed its ratings, including the BBB issuer rating.

“The company's capital adequacy has substantially deteriorated at year-end 2022, largely stemming from market volatility coupled with unrealized losses from its fixed-income securities. While fixed-income asset valuation has improved in the first half of this year, the company's underwriting profit fell significantly below our expectation.

“The negative outlook also reflects our view that the company's risk appetite on alternative assets could further strain its capital adequacy,” the agency said in a statement.

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