Liberty Mutual Insurance has announced that it has formed a new international insurance business division, set to be led by Phil Hobbs, who serves as President and Managing Director, Liberty Specialty Markets.
The new division, dubbed Liberty International Insurance (LII), is the unification of two business operations in Asia.
Hobbs will be appointed to the role of President, LII and will continue to report to Neeti Bhalla Johnson, President, Global Risk Solutions.
This comes as the company has announced a series of strategic updates in the ongoing transformation of Global Risk Solutions (GRS), the organisations global commercial and specialty re/insurer and international insurance operations.
These changes are set to bolster the company’s presence in key global markets, including Asia Pacific.
From what we understand, GRS will create Liberty International Insurance (LII), which will continue to go to market in Asia Pacific, Europe, Latin America and the UK & MENA under its existing brands, which includes both Liberty Specialty Markets (LSM) and Liberty Insurance.
Ultimately, this major restructure brings together two business units in Asia, LSM and Asia Retail Markets, which is set to create a single unified strategy in the region.
It has also been confirmed that Matthew Jackson, currently Head of Asia for LSM, will be named President, LII Asia Pacific. He will will continue to be based in Singapore and will report to Hobbs.
Meanwhile, LII’s other regions will continue to be led by: Kadidja Sinz, President, Europe; Manuel Moreno, President, US and Latin America; and Luis Prato, President, UK & MENA. Sinz, Moreno and Prato will all continue to report to Hobbs.
As well as this, Defne Turkes, who currently serves as President, Asia Retail Markets, will be named Chief Operating Officer, LII, and will dual report to Hobbs and Sue Figueredo Cook, Chief Operating Officer, Global Risk Solutions.
Liberty Mutual Insurance also confirmed that Mike Abdallah, who started the Asia Pacific commercial insurance business of LSM 25 years ago, will continue to serve in his current leadership role.
Neeti Bhalla Johnson, President, Global Risk Solutions, commented: “In an environment characterized by accelerating change and higher volatility, our ambition is to be a trusted partner that is risk aware, not risk averse. We are committed to investing in our talent, capabilities, and operating model to enable us to intentionally deliver an integrated business, rooted in underwriting excellence and risk expertise while providing exceptional service and value to our clients and broker partners globally. Today’s announcements are the next exciting step in our multi-year transformation journey to build the (re)insurer of the future.”
Hobbs, said: “With the formation of LII, we see significant potential for growth in prominent global markets and the opportunity to combine our strong commercial and retail understanding in Asia Pacific. This region is projected to be one of the largest P&C insurance markets in the world in the coming years, driven by favorable demographic trends, ongoing infrastructure investments and increasing insurance penetration. Matthew is well placed to oversee the next phase of our advancement in the region as we bring our Asia Pacific strategy and business under one leader, enabling a local-first approach and maximizing the company’s strongest and most differentiated capabilities.”
Adding: “We are able to rely on an exceptional leadership team in Asia Pacific. Defne has significant experience running complex operations functions and has extensive knowledge of the market. Mike has built a truly market-leading commercial business in Asia Pacific over the last two decades, based on a relentless focus on the needs of clients and broker partners in the region.”
Lastly, it has also been confirmed that Liberty Mutual Surety is making organisational changes in the US, which are set to benefit the company’s brokers and customers globally.
Tim Mikolajewski, President, Global Surety, will continue to lead these operations, reporting to Bhalla Johnson.
“As we lean into the success of our leading Surety operation and continue the evolution into a global business, we’ve taken the opportunity to assess our model and focus on broadening our capabilities to the global surety market,” said Mikolajewski.
