Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance, has entered into a renewal rights agreement with Ironshore Europe to take on its European non-M&A business and staff. Liberty Specialty Markets and Ironshore are parts of Liberty Mutual’s Global Risk Solutions division, writing speciality insurance and reinsurance business.
The move, which builds on Liberty Specialty Markets’ strategic growth plans in Europe, will see Ironshore’s locally written European retail business from its Cologne, Zurich and Rotterdam offices offered for renewal by Liberty Specialty Markets.
Additionally, some of Ironshore’s underwriters in these three cities will move to Liberty Specialty Markets’ European operation on 1 August (subject to staff consultation).
Kadidja Sinz, Liberty Specialty Markets’ Head of Europe, said: “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.”
The main lines being transferred are contingency, construction, fine art and specie, liability, marine and personal accident.
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. Ironshore’s M&A underwriting business in Frankfurt is unaffected by this move and will continue to operate under the Ironshore brand.