Liberty gains licence for new Luxembourg Brexit unit

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has secured a licence for its European insurance company Liberty Mutual Insurance Europe SE (LMIE) to operate from Luxembourg.

The new licence will enable Liberty to continue conducting insurance and reinsurance business in Europe post Brexit.

The Luxembourg-based company will be led by Dirk Billemon, LMIE’s general manager. Billemon, previously of Fortis Luxembourg, was recruited by Liberty earlier this year.

LSM said that it will continue to maintain its UK presence.

“This new licence means that whatever the outcome of the Brexit negotiations, we will be able to deliver the certainty that our customers and staff need,” said Matthew Moore, Liberty Specialty Markets’ president and managing director. “It will be very much business as usual,” Moore added.