Further to Liberty Mutual Insurance Group completing the acquisition of Nationale Borg Reinsurance (NB Re) on 2 October, Liberty Mutual Re (LM Re) announced that it will make changes to the structure of its Financial Risks Reinsurance team.
In Continental Europe, Financial Risks Reinsurance will operate out of Paris, Milan and Amsterdam. The Paris office will focus primarily on Western Europe, Africa and the global credit insurers. Milan will serve clients in Southern Europe, Middle East and Asia Pacific, and the new base in Amsterdam will focus on the Nordic and Central & Eastern European Regions. Financial Risks Reinsurance business that was previously written from Zurich will be transferred to one of the other offices with no change in underwriting strategy or risk appetite.
Peter Smith, Executive Underwriting Officer at LM Re said: “The acquisition will strengthen LM Re’s global surety and credit reinsurance expertise and enables us to expand our global footprint.
“Nationale Borg Re and Liberty Zurich Branch clients who are affected by these changes will be contacted to ensure a smooth and seamless transition. These changes are designed to further enhance our product and regional capabilities and better serve our global clients and brokers.”
On 15 April 2019, Liberty Mutual announced a definitive agreement to acquire the global surety and credit reinsurance operations of AmTrust. Terms of the deal were not disclosed. On May 31, 2019, Liberty announced the closing of its acquisition of AmTrust Surety, the U.S. surety operations of AmTrust Financial Services, Inc. On 2 October 2019, Liberty announced the completion of the acquisition of the business and operations of Nationale Borg, Nationale Borg Reinsurance and AmTrust Insurance Spain.