Liberty Mutual Group has become the newest member of the Group of North American Insurance Enterprises (GNAIE), which dubs itself as the only trade association that focuses exclusively on accounting and solvency issues.

Boston-based Liberty Mutual is a diversified global insurer and fifth largest property and casualty insurer in the nation, according to a statement.

"GNAIE is pleased that Liberty Mutual has joined the industry’s efforts to assist in the development of high quality international accounting and solvency standards that reflect the unique characteristics and attributes of the insurance industry, while providing investors, regulators, rating agencies and other stakeholders with the most relevant, reliable, transparent and decision-useful information available," said Jerry de St. Paer, executive chairman of GNAIE.

The goal of GNAIE is to ensure that international accounting standards result in high quality accounting and solvency standards for insurance companies and, to that end, to increase communications between North American based insurers and international regulators and standard setters.