NEW YORK, March 22, 2011 /PRNewswire-USNewswire/ -- Liberty Mutual Group has become the newest member of the Group of North American Insurance Enterprises (GNAIE), the only trade association that focuses exclusively on accounting and solvency issues.
Boston-based Liberty Mutual is a diversified global insurer and fifth largest property and casualty insurer in the U.S. based on 2009 direct written premium and is the second largest U.S.-based international property/casualty in the world with a presence in 26 countries. Through its subsidiaries and affiliated companies, the company offers a wide range of property/casualty insurance products and services to individuals and businesses alike.
"GNAIE is pleased that Liberty Mutual has joined the industry's efforts to assist in the development of high quality international accounting and solvency standards that reflect the unique characteristics and attributes of the insurance industry, while providing investors, regulators, rating agencies and other stakeholders with the most relevant, reliable, transparent and decision-useful information available," said Jerry de St. Paer, executive chairman of GNAIE.
The goal of GNAIE is to ensure that international accounting standards result in high quality accounting and solvency standards for insurance companies and, to that end, to increase communications between North American based insurers and international regulators and standard setters. GNAIE works to meet its goals through modeling of proposed accounting standards, analysis, comment and coordination with various end users of financial reports.
SOURCE Group of North American Insurance Enterprises