Liberty Mutual Re expands in Europe following completion of acquisition
Further to Liberty Mutual Insurance Group completing the acquisition of Nationale Borg Reinsurance (NB Re) on 2nd October, Liberty Mutual Re (LM Re) announced that it will make changes to the structure of its Financial Risks Reinsurance team.
In Continental Europe, Financial Risks Reinsurance will operate out of Paris, Milan and Amsterdam. The Paris office will focus primarily on Western Europe, Africa and the global credit insurers. Milan will serve clients in Southern Europe, Middle East and Asia Pacific, and the new base in Amsterdam will focus on the Nordic and Central & Eastern European Regions. Financial Risks Reinsurance business that was previously written from Zurich will be transferred to one of the other offices with no change in underwriting strategy or risk appetite.
Peter Smith, Executive Underwriting Officer at LM Re said: “The acquisition will strengthen LM Re’s global surety and credit reinsurance expertise and enables us to expand our global footprint.
“Nationale Borg Re and Liberty Zurich Branch clients who are affected by these changes will be contacted to ensure a smooth and seamless transition. These changes are designed to further enhance our product and regional capabilities and better serve our global clients and brokers.”
On 15th April 2019, Liberty Mutual announced a definitive agreement to acquire the global surety and credit reinsurance operations of AmTrust. Terms of the deal were not disclosed. On May 31, 2019, Liberty announced the closing of its acquisition of AmTrust Surety, the U.S. surety operations of AmTrust Financial Services, Inc. On 2 October 2019, Liberty announced the completion of the acquisition of the business and operations of Nationale Borg, Nationale Borg Reinsurance and AmTrust Insurance Spain.
Authored by Liberty Mutual
Liberty Specialty Markets offers specialty and commercial insurance and reinsurance products across key UK, European, Middle East, US and other international locations. We provide brokers and insureds with a broad range of products through both the Company and Lloyd’s markets and have over 1,700 staff in approximately 65 offices. Liberty Specialty Markets was established in September 2013 bringing together Liberty’s company, syndicate and reinsurance operations into one combined operation, composed of three business units: Commercial, Specialty, and Reinsurance (Liberty Mutual Re). This integrated approach means brokers and clients can benefit from our global reach and operating efficiencies.
Liberty Specialty Markets is part of global insurer, Liberty Mutual Insurance Group, a diversified global insurer, formed in 1912 and headquartered in Boston, Massachusetts. Liberty Mutual is the 5th largest global insurer based on 2017 gross written premium, with over 50,000 employees in 30 countries and economies around the world. Our purpose is to help people embrace today and confidently pursue tomorrow. The promise we make to our customers throughout the world is to provide protection for the unexpected, delivered with care. We achieve this by offering a full range of personal, commercial, and specialty Property & Casualty insurance coverages. Our customers’ trust has earned us the 68th spot on the Fortune 100 list of largest corporations in the U.S., based on 2017 revenue.
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