Liberty International Underwriters adds LM London Surety Bond capability to its product range
Liberty International Underwriters (LIU), a division of global insurer Liberty Mutual Group, has added surety bonds to its growing product range by integrating Liberty Mutual’s well established London surety operation into LIU.
The move, effective from 1 January 2008, comes as rising uncertainty in the banking sector could see an increase in demand for surety products provided by insurers.
The London surety team, led by Managing Director Graham Pitt, will transfer into LIU’s Minster Court offices in London and focus on non-U.S. produced risks. Liberty Mutual’s U.S.-based surety operation will continue to write U.S. surety bond business out of the company’s Plymouth Meeting, Pennsylvania office.
The London development complements LIU’s existing product range, particularly in the construction sector. The surety operation will also gain by having better access to international markets and LIU’s existing distribution channels.
Commenting on the move, Sean Rocks, chief executive of Liberty International Underwriters in Europe, said: “With the banking sector suffering from liquidity problems as the credit squeeze persists, we see a real opportunity to grow our market share in the surety bond market. The integration of Liberty Mutual’s London surety office provides a valuable addition to our existing product portfolio and we welcome the surety team to LIU.”
Graham Pitt, managing director of Liberty Mutual Surety London, added: “Integrating our surety operation into LIU makes perfect sense as we anticipate a significant growth in demand for surety bond products. This move will extend LIU’s offering to producers; enabling them to broaden the range of solutions they can offer to their clients. ”
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