Latest news from Liberty: Liberty Mutual’s recently formed Global Risk Solutions business has announced its operating structure, which will consist of:
National Insurance, its US large commercial lines and middle market business
North America Specialty, its US and Canada specialty businesses
Global Surety, which includes the 2nd largest surety business in the US, along with its global surety businesses
Liberty Specialty Markets (LSM). LSM will operate the Group’s reinsurance and specialty insurance businesses based outside the US and Canada. The effect of this is to bring together, under a single management team in London, LSM’s existing operations with Liberty Mutual’s and Ironshore’s existing specialty operations in South America, Asia Pacific, Bermuda and Europe, including Pembroke, which will continue to operate independently from Liberty’s syndicate business
Liberty Specialty Markets already includes Liberty’s highly successful $1.5bn global reinsurance business led by Dieter Winkel, President Liberty Mutual Reinsurance; and LSM’s top five London market (re)insurance operation.
Matthew Moore, Liberty Specialty Markets President & Managing Director, explained: “This move will bring together the skills and expertise of our people around the globe under one executive management to leverage our global scale and local capabilities. As the (re)insurance market becomes ever more globalised, it is crucial that we increase our communication and collaboration across geographic borders. It will make us easier to do business with, and help the staff and customers of every part of the new LSM to prosper.”
Mark Wheeler, formerly the CEO of Ironshore International and Pembroke Managing Agency, will take up a new post as LSM’s President, International Markets, responsible for coordinating LSM’s international business outside the UK. Wheeler commented, “There is much potential to realise as we bring our global business under one strategy, and we are determined to make that happen. I am hugely excited by the challenges and opportunities ahead.”
Wheeler will be succeeded as CEO of Pembroke by Tim Glover.