Liberty Mutual reports profit, sees soft commercial pricingLiberty Mutual said Thursday the commercial insurance market continued to soften during the second quarter, with prices falling in property, property reinsurance and financial lines. Renewal rates in Global Risk Solutions, its commercial and specialty business, declined 2.7% during the first half of the year, executives said during the insurer’s earnings call. Despite the softer market, Global Risk Solutions increased net written premium 3.5% in the second quarter by expanding in credit, non-U.S. casualty and cyber business. Liberty Mutual reported second-quarter net income of $2.63 billion, up 42.8% from the prior-year period. Second-quarter net written premium declined 1.1% to $11.09 billion, as U.S. Retail Markets, which includes personal lines and small business insurance, net written premium fell 4.1% to $6.63 billion, partly offset by a 3.5% increase in its Global Risk Solutions division to $4.44 billion.