In October 2019, Liberty Mutual fully acquired the global surety and reinsurance operations of AmTrust Financial Services in hopes of becoming a top-three global commercial and specialty lines insurer and reinsurer. But overall it was a tough year on paper. The firm’s profits dropped 52%, which the company attributes to its sale of the Liberty Life Assurance Company of Boston. While Liberty has a well-diversified insurance portfolio, CEO David Long recently warned about the company's exposure to insurance payouts related to the coronavirus outbreak. The chief executive is confident Liberty can ride out the storm, thanks in part to its $1.4 billion cash on hand.