Liberty Specialty Markets (LSM), part of
Liberty Mutual Insurance, has today revealed that it is to redomicile its insurance company from the UK to Luxembourg.
LSM said it will maintain its “substantial” London presence, adding that the decision was taken in preference to setting up a separate insurance company.
“Our European insurance and reinsurance businesses are highly valued at LSM. 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,” LSM’s president & managing director, Matthew Moore said in a statement.
“Moving our insurance company to Luxembourg will minimise any disruption to our clients and staff by providing continuity of our insurance company paper,” he continued.
LSM also announced that it has appointed Eric Daout, formerly the managing director of CIGNA Insurance Europe, as the general manager of its Luxembourg companies.
In addition, its 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.
“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,” Moore commented.
Of LSM’s post-Brexit structure, the president said it will mean “business-as-usual” for clients.
“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,” Moore said.
“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.”
The Luxembourg move and Daout’s appointment are all subject to regulatory approvals.
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