The restructure does not merge GRS and LMI into a single unit but creates a leadership layer over both businesses to align strategy, capital and risk more tightly, while keeping day-to-day operations distinct.
Vlad Barbalat (pictured) has been appointed president, Global Risk & Capital Solutions, while continuing as chief investment officer of Liberty Mutual Group. He reports directly to chairman, president and CEO Tim Sweeney.
In his expanded role, Barbalat takes strategic oversight and accountability for delivering Liberty Mutual’s 2030 goals across GRS and LMI. The carrier is positioning the combined remit as a way to better coordinate its underwriting, balance sheet, and capital-markets activities for clients and distribution partners.
Barbalat is a long-time Liberty executive, previously serving as president and CIO of Liberty Mutual Investments, which manages the insurer’s globally invested financial assets.
“What GRS and LMI share is fundamental - both underwrite risk and deploy capital into uncertainty. Together, they drive economic progress and enable our customers and business partners to build, grow and prosper,” said Barbalat. “That is a rare and powerful combination, and I am looking forward to working alongside Matthew, Adam and Patrizio to deliver on our aspiration as a preeminent insurance and capital solutions firm.”
Matthew Moore will remain president of GRS, reporting to Barbalat, and continues to be accountable for the performance and operations of the global commercial and specialty unit.
On the investment side, Liberty Mutual has named Adam Winn and Patrizio Urciuoli as co-presidents of LMI. They will continue to report to Barbalat and will be jointly responsible for the performance and operations of the investment platform.
The new structure is effective immediately.
“Liberty Mutual is in the strongest position in its history. We have a great opportunity to connect our risk, capital and technology capabilities so we can move faster and deliver better outcomes for our customers and partners,” said Sweeney. “I have full confidence in the leaders we have in place and in what we will accomplish together as we build toward our 2030 vision.”
Liberty Mutual operates through three strategic business units: US Retail Markets (personal and small commercial), Global Risk Solutions, and Liberty Mutual Investments.
According to its latest company profile, the Boston-headquartered mutual is now the ninth-largest global property and casualty insurer based on 2024 gross written premium, underscoring the global scale behind the reorganization.
GRS delivers commercial and specialty insurance, reinsurance and surety solutions to mid-sized and large businesses worldwide, building on earlier restructurings that consolidated large commercial, specialty, surety and international operations into a single global platform.
Liberty Mutual Investments, meanwhile, is described as the investment firm for the Liberty Mutual Group, deploying more than $100 billion of long-term capital globally across fixed income, equity and alternative strategies. Recent disclosures indicate that LMI now invests more than $117 billion of capital across its integrated platform, reflecting growth in assets under management.
The move comes as Liberty Mutual’s investment and underwriting operations both contribute materially to earnings. In its fourth-quarter 2025 results, the group reported a consolidated combined ratio of 85.0% and net income of $1.7 billion for the quarter, with investment income - including $790 million from limited partnerships - providing what the company described as a meaningful earnings tailwind.
The creation of a Global Risk & Capital Solutions presidency formalizes a trend among large carriers - integrating balance-sheet strength, alternative capital, and investment capabilities with traditional underwriting.
GRS already provides a broad suite of commercial and specialty products often via global platforms, such as Liberty Specialty Markets and Ironshore. A closer link to LMI is likely to support more capital-intensive or bespoke offerings where insurance, reinsurance and private capital intersect.
Meanwhile, LMI has been increasingly active as a capital partner in private markets, including recent partnerships in infrastructure, energy transition and credit. These include a strategic partnership with Ara Partners focused on decarbonization-oriented private equity and infrastructure opportunities, an expanded program with RXR to provide credit solutions for US multifamily real estate assets, and a funding partnership with Willis Lease Finance to support aviation-related credit strategies.
The structure also points to more integrated risk and capital solutions, with a single executive now accountable for strategy across both GRS and LMI. That may make it easier for Liberty Mutual to package insurance, reinsurance and investment capital into combined offerings such as structured credit, multi-year programs or risk-sharing vehicles for infrastructure, energy transition and large property risks, even though no specific products were announced with this leadership change.
