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.
Liberty to redomicile its UK insurance company to Luxembourg
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance, has announced that it intends to redomicile its insurance company from the UK to Luxembourg, while maintaining its substantial London presence. The decision was taken in preference to setting up a separate insurance company.
LSM has also today announced the appointment of Eric Daout as the General Manager of its Luxembourg companies. Daout was formerly the Managing Director of CIGNA Insurance Europe. Alongside Daout, LSM’s European businesses will be led by Dieter Winkel, President of LSM Reinsurance based in Cologne, and Kadidja Sinz, European Head of Insurance based in Paris.
LSM’s President & Managing Director Matthew Moore said, “Our European insurance and reinsurance businesses are highly valued at LSM. The structure that we are announcing today will set us up perfectly to take advantage of the opportunities that we have in Europe in the post-Brexit environment. Moving our insurance company to Luxembourg will minimise any disruption to our clients and staff by providing continuity of our insurance company paper. We have ambitious growth plans for our teams based in Europe, and I am delighted that we have been able to secure a first-class leadership team in Eric Daout, Dieter Winkel and Kadidja Sinz, ably supported by high calibre service-driven underwriting teams. We also remain committed to London and will retain a substantial presence there.
“The post-Brexit structure we have chosen will mean that for our clients it will be business-as-usual. LSM will continue to be able to offer Company and Lloyd’s paper throughout the UK and Europe, and one company paper for pan-EU/UK risks. Our brokers will continue to receive the same high levels of service as they currently do from our teams in Europe, without any disruption caused by changing our insurance company paper. Europe is a key market for us and we are working towards expanding our capabilities and product offering in Europe over the coming months and years.”
LSM announced in July that it would be establishing its post-Brexit European HQ in Luxembourg. LSM has since established and licensed an in-house coverholder in Luxembourg, Liberty Specialty Markets Europe S.à r.l. (LSME). LSME began underwriting on behalf of LSM’s UK insurance company Liberty Mutual Insurance Europe Limited (LMIE) from branches throughout Europe on 1 November. It is intended that LSME will also underwrite on behalf of Lloyd’s Brussels when it commences business. The move of LMIE to Luxembourg, the establishment of a UK branch, and the appointment of Eric Daout as the General Manager of its Luxembourg operations, are all subject to regulatory approvals.
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