New combined specialty division to be run by Nick Metcalf
Insurer Liberty Mutual has merged its Lloyd’s syndicate, its UK-based European operations and US reinsurance business into a single unit.
The new unit, called Liberty Specialty Markets, will be run by Nick Metcalf, who previously headed Liberty’s Lloyd’s operation.
The combined entity will have nearly $3.5bn (£2.2bn) of gross written premium.
The new division will have three business units: wholesale, reinsurance and retail.
Matthew Moore is chief underwriting officer of both the wholesale and reinsurance divisions, while Liberty Mutual Insurance Europe chief executive Sean Rocks has been named chief underwriting officer of the retail division.
The new operation will retain all existing regulated insurance entities. Brokers and clients will be able to access their existing contacts in the same way as before.
Liberty Mutual’s president of global specialty Christopher Peirce said: “With access to different paper across the business, and a geographic spread from Central and South America to the Middle East, the new integrated structure will make it easier for customers and partners to do business with us as we leverage our scale and expertise.
“I believe the merger will allow us to use capital more efficiently and to improve our portfolio management.”
Metcalf added: “We are pleased to announce this merger as it enables us to create one platform that offers an enhanced proposition to distribute through a stronger brand and united product offering. It will also give brokers and clients increased access to global specialty business and greater flexibility through access to different licences and platforms across the business.”