Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has secured a licence to operate its European insurance company from Luxembourg.
Liberty Mutual Insurance Europe SE (LMIE) was formed so that Liberty can continue conducting insurance and reinsurance business across Europe even after Brexit.
Dirk Billemon will manage the Luxembourg-based company as general manager. Earlier, he worked as CEO of Fortis Luxembourg.
Liberty Specialty Markets president and managing director Matthew Moore said: “This new licence means that whatever the outcome of the Brexit negotiations, we will be able to deliver the certainty that our customers and staff need. It will be very much business as usual.”
In December 2017, Liberty Specialty Markets first announced to redomicile its UK insurance company to Luxembourg.
While announcing the move, LSM president and managing director Matthew Moore said: “The structure that we are announcing today will set us up perfectly to take advantage of the opportunities that we have in Europe in the post-Brexit environment.
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“Moving our insurance company to Luxembourg will minimise any disruption to our clients and staff by providing continuity of our insurance company paper.”
LSM noted that it will continue maintain its presence in the UK.