What is the relationship between Liberty Mutual and Insurance in the context of the input sentence. Choose an answer from: product/material produced; manufacturer; distributed by; industry; position held; original broadcaster; owned by; founded by; distribution format; headquarters location; stock exchange; currency; parent organization; chief executive officer; director/manager; owner of; operator; member of; employer; chairperson; platform; subsidiary; legal form; publisher; developer; brand; business division; location of formation; creator.

Rated A (excellent) XV ($2 billion or greater) by A.M. Best, Liberty International Underwriters is operating as a subsidiary of Liberty Mutual Insurance Company.

Answer: industry