Liberty Mutual Reinsurance has announced a series of changes to the structure of its financial risks reinsurance team following the acquisition of Nationale Borg Reinsurance (NB Re) from AmTrust earlier this year.
First announced in April, the agreement saw LM Insurance Group acquire four AmTrust businesses: AmTrust Surety; AmTrust Insurance Span; Nationale Borg; and Nationale Borg Reinsurance (NBRe).
In Continental Europe, the financial risks reinsurance unit will operate out of Paris, Milan and Amsterdam.
The Paris office will focus primarily on Western Europe, Africa and the global credit insurers.
Milan will serve clients in Southern Europe, Middle East and Asia Pacific, and the new base in Amsterdam will focus on the Nordic and Central & Eastern European Regions.
LM Re says the financial risks reinsurance business that was previously written from Zurich will be transferred to one of the other offices with no change in underwriting strategy or risk appetite.
“The acquisition will strengthen LM Re’s global surety and credit reinsurance expertise and enables us to expand our global footprint,” said Peter Smith, Executive Underwriting Officer at LM Re.
“Nationale Borg Re and Liberty Zurich Branch clients who are affected by these changes will be contacted to ensure a smooth and seamless transition.
“These changes are designed to further enhance our product and regional capabilities and better serve our global clients and brokers.”
