Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has unveiled plans for Lloyd’s insurer Novae’s Zurich-based credit and surety reinsurance team to transfer to LSM.
The move is part of LSM’s drive to build local expertise and strength in its key international market and consistent with Novae’s strategy of focusing on its specialty insurance classes.
The three-strong team, led by Christoph Nienhaus, will be based in Zurich.
As part of the agreement, LSM will be able to offer renewals of the team’s portfolio. The book focuses on Europe, Latin America, Africa and Asia.
Peter Smith, LSM’s active underwriter, said: “Reinsurance is absolutely central to our business model and future development plans. The arrival of the credit and surety team from Novae allows us to make a real mark in Europe, Africa and Asia.”