Devonshire Underwriting, the Managing General Agent (MGA) focused on transactional risk (TR) underwriting, has appointed Liria Martinez-Salmon as Managing Director – Head of Southern Europe.
The appointment represents a key step in the firm’s international growth and marks its first hire outside the UK. Based in Madrid, Martinez-Salmon will oversee Devonshire’s strategic development and underwriting activity across Southern Europe, with particular responsibility for Spain, France, Italy and Portugal.
Martinez-Salmon is a highly regarded professional within the transactional risk insurance market, bringing extensive experience in advising and underwriting transactions across Southern Europe, especially in Spain, France and Italy.
She joins Devonshire from RiskPoint, where she served as Head of M&A – Mediterranean. During her time there, she built a strong reputation for underwriting complex cross-border deals and cultivating close working relationships with brokers, legal advisers and private equity sponsors throughout the region.
Devonshire UW Limited and its affiliate Devonshire UW Europe GmbH expanded their underwriting footprint in Europe after receiving approval from Lloyd’s in 2024. The firm already supports transactions across Spain, France, Italy and Portugal, and Martinez-Salmon’s appointment signals a move toward establishing a permanent presence in Southern Europe.
From Madrid, she will strengthen engagement with regional brokers and clients while enhancing Devonshire’s insight into local transaction trends and underwriting practices.
Charles Turnham, Partner at Devonshire Underwriting, commented: “Southern Europe has become one of the most exciting regions for M&A activity in recent years. Spain, France and Italy in particular are seeing sustained private equity interest, increasing cross-border investment and a growing need for sophisticated Transactional Risk solutions.
“Liria’s appointment is a major step forward for Devonshire. Having someone of her calibre based in Madrid means we’re not just supporting deals from afar – we’re embedded in the market, close to the deal flow, and able to work alongside brokers and advisers in real time. Her experience, relationships and deep understanding of the region make her the perfect person to lead our Southern European expansion.”
Martinez-Salmon added: “Devonshire has built an impressive reputation for its underwriting expertise and entrepreneurial mindset, and I’m excited to be joining at such a pivotal moment in its growth.
“Southern Europe continues to generate strong and increasingly complex M&A activity, and there is clear demand for responsive, commercially minded Transactional Risk underwriting. Being based in Madrid allows us to work much more closely with brokers, sponsors and advisers across Spain, France, Italy and Portugal – supporting transactions with local insight, quick decision-making and tailored solutions.”
