Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance (LMI), is to take on Ironshore’s European non-M&A business and staff as the firm continues its expansion efforts on the continent. LMI had previously acquired the global specialty insurer in 2017 for a reported $2.935 billion.
The move will see Ironshore’s locally written European retail business from its Cologne, Zurich and Rotterdam offices offered for renewal by LSM.
The main lines being transferred are contingency, construction, fine art and specie, liability, marine and personal accident.
Furthermore, a number of Ironshore’s underwriters in these three cities will move to LSM’s European operation on August 1st, 2018.
“This is an excellent opportunity to combine our talents and capitalise fully on the strength of Liberty Speciality Markets and is a further step in our overall strategy to be a leading specialist insurer in Europe,” commented Kadidja Sinz, Liberty Specialty Markets’ Head of Europe.
Ironshore will cease to underwrite new business from its locations in Cologne, Zurich and Rotterdam, but retain staff to handle the run-off of existing policies while its M&A underwriting business in Frankfurt will remain unaffected by the move.