Liberty Mutual reveals new operating structure
Liberty Mutual revealed the new operating structure for its recently formed Global Risk Solutions business.
The unit will house its US large commercial lines and middle market business National Insurance, its US and Canada specialty businesses under North America Specialty, its Global Surety as well as Liberty Specialty Markets (LSM).
LSM will operate the group’s reinsurance and specialty insurance businesses based outside the US and Canada. The effect of this is to bring together, under a single management team in London, LSM’s existing operations with Liberty Mutual’s and Ironshore’s existing specialty operations in South America, Asia Pacific, Bermuda and Europe, including Pembroke, which will continue to operate independently from Liberty’s syndicate business.
Matthew Moore, Liberty Specialty Markets president & managing director, explained: “This move will bring together the skills and expertise of our people around the globe under one executive management to leverage our global scale and local capabilities. Each of the constituent parts of the new LSM are excellent businesses in their own right, putting customers at the heart of everything they do. As the (re)insurance market becomes ever more globalised, it is crucial that we increase our communication and collaboration across geographic borders, to serve our customers better and grow a world beating business. It will make us easier to do business with, and help the staff and customers of every part of the new LSM to prosper.”
Mark Wheeler, formerly the CEO of Ironshore International and Pembroke Managing Agency, will take up a new post as LSM’s president, International Markets, responsible for coordinating LSM’s international business outside the UK.
“There is much potential to realise as we bring our global business under one strategy, and we are determined to make that happen,” Wheeler commented. “I am hugely excited by the challenges and opportunities ahead.” Wheeler will be succeeded as CEO of Pembroke by Tim Glover.
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