Liberty Specialty Markets (LSM), has revealed plans to move its insurance headquarters from the UK to Luxembourg, while maintaining a substantial London presence through a UK branch.
LSM said the decision was taken in preference to setting up a separate insurance company.
LSM’s President & Managing Director Matthew Moore, said; “the structure that we are announcing today will set us up perfectly to take advantage of the opportunities that we have in Europe in the post-Brexit environment.
“Moving our insurance company to Luxembourg will minimise any disruption to our clients and staff by providing continuity of our insurance company paper.”
He added that LSM has ambitious growth plans for its Europe operations; “Europe is a key market for us and we are working towards expanding our capabilities and product offering in Europe over the coming months and years.
LSM will continue to be able to offer Company and Lloyd’s paper throughout the UK and Europe, and one company paper for pan-EU/UK risks.
Moore said; “our brokers will continue to receive the same high levels of service as they currently do from our teams in Europe, without any disruption caused by changing our insurance company paper.”
Eric Daout has been appointed as General Manager of its Luxembourg companies.
LSM’s European businesses will be led by Cologne-based Dieter Winkel, President of LSM Reinsurance, and Kadidja Sinz, European Head of Insurance based in Paris.
“We have ambitious growth plans for our teams based in Europe, and I am delighted that we have been able to secure a first class leadership team in Eric Daout, Dieter Winkel and Kadidja Sinz, ably supported by high calibre service-driven underwriting teams,” said Moore.
LSM has already established an in-house coverholder in Luxembourg, Liberty Specialty Markets Europe S.à r.l. (LSME), which began underwriting on behalf of LSM’s UK insurance company Liberty Mutual Insurance Europe Limited (LMIE) from branches throughout Europe on 1 November.
