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Insurer’s past woes appear overstated

By Todd Wallack

 |  Globe Staff  

  May 04, 2012

Retired Liberty Mutual chief executive Edmund F. “Ted’’ Kelly recently recalled the Boston insurance giant was fighting for its life when he first joined as president in 1992. His successor, David Long, said the mutual was “practically bankrupt’’ at that time. But a review of financial reports, press releases, and news articles from the early 1990s Liberty show executives may have engaged in hyperbole in describing the company as close to bankrupt, but the firm was clearly facing significant challenges.

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