Insurer sells renewal rights to focus on ‘core strengths’
Insurer Liberty Specialty Markets (LSM) has sold the renewal rights to its regional UK non-life business to Aspen Risk Management Limited (ARML), the UK non-life division of global insurer Aspen.
Liberty had already exited UK motor.
Liberty said it had exited the UK regional business to “focus on our core strengths” and will continue to grow its business in London, across Europe, in Dubai and worldwide.
The company will also retain its Bristol office.
Under the deal, ARML will manage the existing book of Liberty regional UK non-life business and offer renewal terms for policies renewing on or after 1 November 2016. Liberty will continue to handle claims on existing business.
Around 40 of Liberty’s regional UK non-life staff located in five offices outside of London, will transfer to ARML under the Transfer of Undertakings (Protection of Employment) Regulations 2006.
They will remain in their existing locations and continue to service the existing Liberty regional UK non-life book.
ARML managing director Kevin Pallett said: “The LSM team is one that we highly respect and we believe that there are significant opportunities for growth within the UK regional property and casualty sector.
“This agreement means that brokers and clients will receive continuity for their policies with ARML, as well as benefiting from a wide service that includes our full range of health and safety, business continuity, HR and risk management services. We look forward to working closely with our new colleagues for the benefit of all our customers.”
Liberty Specialty Markets group chief underwriting officer Matthew Moore said: “LSM’s strategy is built around how we can best support our policyholders and brokers.
“As part of this we continually review all operations to ensure we obtain the best long term positioning and outcomes.
“The agreement with ARML enables us to focus on our core strengths as we aim to continue to grow our business in London, across Europe, in Dubai and worldwide. Our focus on the lines of business where we can demonstrate our unique insight allows us to offer clients insurance solutions and services that meet and exceed their needs.”
Liberty Specialty Markets is the London-based international division of US mutual insurer Liberty Mutual.