Liberty Mutual Insurance has announced that it plans to conduct a strategic review of its subsidiary Pembroke Managing Agency Limited, which it acquired through the purchase of Ironshore in May 2017.
The company said that it had retained investment banking firm Evercore to serve as its adviser through the process, but does not plan on providing additional details of the review until its completion.
Pembroke is headquartered in London with hubs in the U.S, Middle East and Asia, and was established to manage Syndicate 4000 at Lloyd’s.
The Managing Agency underwrites a portfolio of specialist insurance products through Syndicate 4000 and company paper, including property, liability, political risks, marine and energy, accident and health, agriculture, and select specialist lines.
In March 2018, Liberty revealed plans for a new operating structure to unite Liberty Mutual’s and Ironshore’s international specialty operations and the operations of Liberty Specialty Markets (LSM) under a single management team in London.
These included operations in South America, Asia Pacific, Bermuda and Europe, as well as Pembroke, which Liberty said was to continue operating independently from Liberty’s syndicate business.
More recently, it was announced that Pembroke had collaborated with Aon on the development of a Public Protection Policy, which was designed to help businesses provide financial support to individuals affected by a terrorist attack on its premises or owned space.
