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.

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