23 May 2017Insurance

Liberty planning European subsidiary in Brexit move

Liberty Specialty Markets (LSM), part of the Liberty Mutual Insurance Group, is planning to establish a new subsidiary in Europe to retain its access to the market after Brexit, with an indication as to its location to be confirmed in June.

Responding to speculation over its future EU hub, the company spokesperson told Intelligent Insurer in a statement: "Liberty Specialty Markets is continuing to analyse a number of options, in terms of structure and jurisdiction, in order to be able to offer a Company and Lloyd's solution for trading in and from Europe post-Brexit."

"We expect to give more information in June but, as yet, no decisions have been taken," it added.

Meanwhile, insurers like American International Group (AIG) and Bermuda-based Hiscox have recently announced their plans to launch new entities in Luxembourg.

Lloyd’s of London has selected Brussels, and Markel Corporation has planned to capitalise a German insurance company in Munich once the UK leaves the European Union.

As the preparations for Brexit are gaining momentum, insurers operating in London’s international insurance hub are getting worried that they may lose their passporting rights to operate in the EU.

According to a survey conducted by Intelligent Insurer, Ireland has been voted as the most attractive location, primarily due its geographical proximity to the UK and London.

Today’s stories

Pool Re will resolve claims from Manchester attack "as quickly as possible"

Former TMK team launches marine division at MGA Globe Underwriting

Lockton hires trio to expand regional footprint

XL Catlin appoints Zurich exec to lead North America unit

Enstar Group CFO to step down; replacement named

JLT Specialty appoints SVP to build new insurance division in New York

Berkley Insurance Company makes executive appointments

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
25 May 2017   US-based insurer Liberty Mutual has appointed Jessica Dekermanji as senior vice president and chief underwriting officer of its national insurance specialty energy unit.
Insurance
31 May 2017   Commercial and industrial property insurer FM Global has been granted insurance license in Luxembourg where it will set up a new hub to write business across the European Economic Area (EEA) once the UK leaves the European Union.
Insurance
12 June 2017   Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has appointed Hans Towler to the aviation reinsurance team.