Liberty Mutual Insurance Group, one of the largest property and casualty insurers in the world, today announced it is to acquire Hughes in a transaction expected to complete on July 1, 2015 and its subsidiary in Ireland has agreed to become the lead underwriter of Hughes Insurance in Northern Ireland.

Hughes Insurance is Northern Ireland’s leading independent insurance broker offering motor, van, household, SME commercial insurance and travel insurance with £60 million in gross written premium for the financial year ending March 31, 2014. The company distributes 1 in 5 motor insurance policies sold in Northern Ireland and has a rapidly growing household and SME commercial insurance book, employing over 300 people at its headquarters in Newtownards, Co Down and at 11 other branches across Northern Ireland.

Hughes Insurance will continue to be led by Chief Executive, Gareth Brady and his current management team. Hughes Insurance has appointed Liberty Insurance Limited, a fully owned subsidiary of Liberty Mutual Insurance Group, as its leading underwriter for new policies issued with effect from July 1, 2014.

Welcoming the news, CEO of Liberty Insurance, Patrick O’Brien stated, “We are pleased to confirm Liberty Mutual’s continued commitment to Ireland. Over the past two years Liberty Insurance has built a substantial business in the Republic of Ireland. I believe Liberty’s acquisition of Hughes and our appointment as lead underwriter will enable us to build a leading presence in the Northern Ireland market through Hughes’ established network. Liberty Mutual has a long history in Northern Ireland, having first invested in Northern Ireland in 1997 with the establishment of Liberty Information Technology, which now employs over 400 IT professionals.”

CEO of Hughes Insurance, Gareth Brady commented: “This is a great development for both our customers and our employees, enabling us to grow our business further with the backing of one of the world’s leading insurers while maintaining our Northern Ireland identity. It also opens up a range of exciting opportunities for our talented workforce across Northern Ireland.”

All contact details remain the same for Hughes Insurance customers, and they do not need to take any action as a result of this planned change of ownership. All remaining polices remain valid and at renewal, existing customers will be offered competitive terms for cover underwritten by Liberty Insurance.