Liberty Specialty Markets grows European business
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance, has entered into a renewal rights agreement with Ironshore Europe to take on its European non-M&A business and staff. Liberty Specialty Markets and Ironshore are parts of Liberty Mutual’s Global Risk Solutions division, writing speciality insurance and reinsurance business.
The move, which builds on Liberty Specialty Markets’ strategic growth plans in Europe, will see Ironshore’s locally written European retail business from its Cologne, Zurich and Rotterdam offices offered for renewal by Liberty Specialty Markets.
Additionally, some of Ironshore’s underwriters in these three cities will move to Liberty Specialty Markets’ European operation on 1 August (subject to staff consultation)
Kadidja Sinz, Liberty Specialty Markets’ Head of Europe, said: “This is an excellent opportunity to combine our talents and capitalise fully on the strength of Liberty Speciality Markets and is a further step in our overall strategy to be a leading specialist insurer in Europe.”
The main lines being transferred are contingency, construction, fine art and specie, liability, marine and personal accident.
Ironshore will cease to underwrite new business from its locations in Cologne, Zurich and Rotterdam, but retain staff to handle the run-off of existing policies. Ironshore’s M&A underwriting business in Frankfurt is unaffected by this move and will continue to operate under the Ironshore brand.
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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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