Correct the grammar and statement for the following paragraph:

Liberty Mutual Insurance, a renowned institution established in 1912 in Boston, Massachusetts, originated as the Massachusetts Employees' Insurance Association with a primary focus on providing workers' compensation insurance. Over time, Liberty Mutual has undergone extensive global expansion, diversifying its insurance offerings to cater to a broad customer base. In 2017, Liberty Mutual made a strategic move by acquiring Ironshore, a notable event that significantly supported its specialty insurance business. This acquisition, characterized by horizontal integration, as both Liberty Mutual and Ironshore were active in the same industry and offered similar products, proved to be a pivotal moment in Liberty Mutual's growth trajectory. By integrating Ironshore into its operations, Liberty Mutual not only broadened its global presence but also gained access to Ironshore's established markets, distribution channels, and specialized knowledge in specialty insurance.