Liberty moves UK operations to Luxembourg
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance, intends to redomicile its insurance company from the UK to Luxembourg.
At the same time, the company stressed that it will maintaining its substantial London presence. The decision was taken in preference to setting up a separate insurance company.
LSM announced in July that it would be establishing its post-Brexit European headquarters in Luxembourg. LSM has since established and licensed an in-house coverholder in Luxembourg, Liberty Specialty Markets Europe (LSME). The unit began underwriting on behalf of LSM’s UK insurance company Liberty Mutual Insurance Europe Limited (LMIE) from branches throughout Europe on Nov. 1. It is intended that LSME will also underwrite on behalf of Lloyd’s Brussels when it commences business.
“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,” said LSM’s president & managing director Matthew Moore.
LSM has also appointed 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.
“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.”
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