Aspen Insurance, part of the insurance segment of Aspen Insurance Holdings Limited, announced today that its regional UK Property and Casualty business, Aspen Risk Management Limited (“ARML”), and Liberty Specialty Markets (“LSM”), part of Liberty Mutual Insurance Group, have entered into a renewal rights agreement, effective from 1st November 2016.
Under the agreement, LSM’s UK regional Property and Casualty business will transfer to ARML, which will manage the existing book and offer renewal terms for policies falling due for renewal on or after 1 November 2016.
Around 40 of LSM’s regional P&C employees, located in five UK offices outside of London, will transfer to ARML under Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE). They will remain in their existing locations and continue to service the existing LSM UK regional Property and Casualty book with renewal continuity provided by ARML. LSM will continue to handle claims on its existing policies.
Kevin Pallett, Managing Director, ARML, said: “We are delighted to have entered into this agreement with Liberty Specialty Markets. The LSM team is one that we highly respect and we believe that there are significant opportunities for growth within the UK regional Property and Casualty sector. This agreement means that brokers and clients will receive continuity for their policies with ARML, as well as benefiting from a wide service that includes our full range of health and safety, business continuity, HR and risk management services. We look forward to working closely with our new colleagues for the benefit of all our customers.”
Matthew Moore, LSM’s Group Chief Underwriting Officer, said: “We are pleased to have reached agreement with ARML for our regional P&C business. LSM’s strategy is built around how we can best support our policyholders and brokers. As part of this we continually review all operations to ensure we obtain the best long term positioning and outcomes. The agreement with ARML enables us to focus on our core strengths as we aim to continue to grow our business in London, across Europe, in Dubai and worldwide. Our focus on the lines of business where we can demonstrate our unique insight allows us to offer clients insurance solutions and services that meet and exceed their needs.”