Liberty Mutual reveals changes in Continental Europe after key acquisitions
Liberty Mutual Insurance Group has restructured its financial risks reinsurance unit in Continental Europe following the acquisition of AmTrust's Nationale Borg Reinsurance (NB Re), in a move aimed at expanding its global footprint.
The company's financial risks reinsurance business, which was previously written from Zurich, will now operate out of Paris, Milan and Amsterdam.
The Paris office will focus primarily on Western Europe, Africa and the global credit insurers. Milan will serve clients in Southern Europe, Middle East and Asia Pacific, and the new base in Amsterdam will focus on the Nordic and Central & Eastern European Regions. The company said these changes will have no impact on its underwriting strategy or risk appetite.
Liberty Mutual has recently completed the acquisition of the business and operations of Nationale Borg, Nationale Borg Reinsurance and AmTrust Insurance Spain. The company entered into a definitive agreement to acquire the global surety and credit reinsurance operations of AmTrust Financial Services earlier in April.
AmTrust Surety provides contract, commercial, and subdivision bonds primarily in the Western US; AmTrust Insurance Spain offers surety bonds in Spain and Latin America; Nationale Borg provides surety, worker disability, and home purchase bonds in the Netherlands and Belgium; and Nationale Borg Reinsurance (NBRe) is a global provider of surety, trade credit and political risk reinsurance.
Peter Smith, executive underwriting officer at LM Re said: “The acquisition will strengthen LM Re’s global surety and credit reinsurance expertise and enables us to expand our global footprint.
“Nationale Borg Re and Liberty Zurich Branch clients who are affected by these changes will be contacted to ensure a smooth and seamless transition. These changes are designed to further enhance our product and regional capabilities and better serve our global clients and brokers.”
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