Liberty Mutual Holding Co. Inc. reported a net loss of $665 million for the three nine months ended September 30, 2017, versus net income of $455 million for the same period in 2016.
The net loss in the quarter was driven by the impact of hurricanes Harvey, Irma, and Maria, which totaled $1.2 billion.
David H. Long, president and CEO of Liberty Mutual Insurance, said that despite the net loss, the fundamentals of the business remain healthy, citing a 1.7 point reduction in the combined ratio down to 92.5.
He also put the hurricane losses in a non-financial context.
While the catastrophe losses are significant, they serve as a very real reminder of why we are here. It is in times of crisis that our customers expect us to respond immediately with care, compassion and restitution, Long said. Our employees continue to work tirelessly in the impacted areas to help our customers through the daunting challenge of getting back on their feet as quickly as possible.
For the quarter, Liberty Mutual also reported $28 million in acquisition and integration costs related to its acquisition of Ironshore Inc. that closed in May.