Liberty Mutual Insurance (LMI) has revealed that following the completion of its takeover of Ironshore from Fosun International, Liberty International Underwriters’ (LIU) existing U.S. business will combine with Ironshore’s U.S. specialty lines business under the Ironshore brand.
Based on 2016 direct written premiums, the combination of the two units under the Ironshore brand will create the 6th largest excess & surplus lines underwriter in the U.S., and Chairman and Chief Executive Officer (CEO) of Liberty Mutual, David H. Long, said; “The combination of our two operations will create a top tier U.S. specialty insurer with a broad and deep set of solutions for clients and brokers.
“For Liberty’s worldwide operations, Ironshore becomes an ideal complement to our $5 billion global specialty business by providing additional scale, expertise, innovation and market relationships.”
The new combined U.S. specialty subsidiary will be led by Ironshore President and Ironshore U.S. CEO, Shaun Kelly, who will report to Kevin H. Kelley, current Ironshore CEO who will continue to lead all of the Ironshore operations, reporting to Long.
The combined unit is comprosed of the following product leadership teams: John O’Brien, Head of Environmental; Matthew Dolan, Head of IronHealth; Michael Finnegan, Head of U.S. Casualty; Greg Flood, Head of IronPro; Edward Mazman, Head of U.S. Property; Daniel Sussman, Head of U.S. Political Risk; Joseph Boren, Head of U.S. Distribution.
Furthermore, Jessican Rogin is to become Ironshore’s Chief Claims Officer, U.S., reporting to Global Chief Claims Officer, Mike Mitrovic. While Randall Kneeland is to become Ironshore’s Chief Financial Officer (CFO), reporting to Kelley.
Ironshore CEO, Kelley, commented; “Ironshore’s profitable specialty lines business will further bolster Liberty Mutual’s specialty markets platform, while Liberty Mutual’s strong balance sheet presents Ironshore opportunities to innovate additional product lines and to access greater insurance underwriting capacity.
“Ironshore looks forward to working with the Liberty Mutual family as we expand upon our specialty classes of business and heighten our established corporate brand in markets worldwide. Liberty Mutual’s global reach and admirable reputation offer Ironshore deeper resources to drive strategic growth.”
Ironshore’s existing international businesses, including its Lloyd’s of London syndicate and Bermuda platform, will continue to operate under its current management team and business strategy. And it’s a similar story with Liberty Mutual, with no changes to its existing global specialty business outside of LIU U.S.
The companies have said “Clients and brokers should continue to communicate with their existing contacts at Liberty Mutual and Ironshore.”
