Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has revealed that it plans to integrate its Ironshore Bermuda operations and brands into a single business called Liberty Specialty Markets Bermuda.
The Bermuda-based operations comprise Ironshore Bermuda, which was formed in 2007 and writes property, energy and specialty re/insurance, and Iron-Starr Excess Agency, which opened in 2009 and writes excess casualty, financial lines and healthcare.
Steve Horton, current Chief Executive of Iron-Starr, has been appointed as President of LSM Bermuda, reporting to Mark Wheeler, President for international markets.
Horton joined the Ironshore group in 2008 through the company’s Lloyd’s platform, Pembroke Managing Agency Limited, and initially worked as a primary financial institutions underwriter before transferring to Iron-Starr in 2010.
At Iron-Starr, Horton was tasked with growing the firm’s international business before being promoted to financial lines manager and subsequently Chief Executive Officer.
LSM said that the new Bermuda business will utilise a managing general agency structure across its product lines, enabling each unit to provide Liberty capacity as well as access to third party capacity.
“This move gives us a fantastic opportunity to bring all our Bermuda business under the Liberty Specialty Markets brand, acting as one global organisation and making a major contribution to our strategic priorities,” said Wheeler.
“Combining these businesses gives us a unified regional approach to Bermuda. This has major advantages for both our clients and Liberty itself. We will be able to offer clients our full suite of products and experience while making it easier to build stronger and deeper long-term client relationships.”
Wheeler continued: “We will also be able to provide our Bermuda-based clients with new products currently offered from other parts of Liberty, most notably specialty reinsurance from Liberty Mutual Re. Finally, the integration will put us in a stronger position for growth and business development in the region.”
“Steve Horton is a highly capable and experienced executive who understands the Bermuda market exceptionally well,” he added. “Under his leadership, our Bermuda operation will be in great hands.”
Horton also commented: “I’m delighted to lead the team, which has an exceptional track record since its formation in 2007. Being part of the LSM group can only enhance our reputation and support our continued development. We look forward to making a meaningful contribution to LSM.”
