Liberty reorganises European specialty business
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance, is transferring European retail renewal rights from Ironshore Europe to Liberty Specialty Markets.
Liberty Specialty Markets and Ironshore are part of Liberty Mutual’s global risk solutions division, writing speciality insurance and reinsurance business. Liberty completed the acquisition of Ironshore from Chinese conglomerate Fosun International in May 2017.
The reorganisation in Europe will see Ironshore’s locally written European retail business from its Cologne, Zurich and Rotterdam offices offered for renewal by Liberty Specialty Markets.
The main lines being transferred are contingency, construction, fine art and specie, liability, marine and personal accident. Ironshore will cease to underwrite new business from its locations in Cologne, Zurich and Rotterdam, but retain staff to handle the run-off of existing policies.
Additionally, some of Ironshore’s underwriters in these three cities will move to Liberty Specialty Markets’ European operation on Aug. 1.
Kadidja Sinz, Liberty Specialty Markets’ head of Europe, said: “This is an excellent opportunity to combine our talents and capitalise fully on the strength of Liberty Speciality Markets and is a further step in our overall strategy to be a leading specialist insurer in Europe.”
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