Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance, has decided to redomicile its UK insurance company to Luxembourg in response to Britain’s departure from the European Union.
The insurer said that the decision was taken in preference to setting up a separate insurance company.
However, the company added that it will continue to maintain substantial presence in London.
Additionally, LSM has named Eric Daout as the general manager of its Luxembourg companies. Earlier, Daout worked as managing director of CIGNA Insurance Europe.
Together with Daout, LSM’s European businesses will be headed by Dieter Winkel, president of LSM Reinsurance based in Cologne, and Kadidja Sinz, European head of insurance based in Paris.
LSM president and managing director Matthew Moore said: “Our European insurance and reinsurance businesses are highly valued at LSM. 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. We have ambitious growth plans for our teams based in Europe, and I am delighted that we have been able to secure a first class leadership team in Eric Daout, Dieter Winkel and Kadidja Sinz, ably supported by high calibre service-driven underwriting teams. We also remain committed to London and will retain a substantial presence there.”
In July 2017, LSM announced that it would be set up its post-Brexit European headquarters in Luxembourg. After that, LSM formed and licensed an in-house coverholder in Luxembourg, Liberty Specialty Markets Europe (LSME).