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Liberty Specialty Markets, a subsidiary of Liberty Mutual Insurance, which has a major presence on Bermuda, has entered into a renewal rights agreement with Ironshore Europe to take on its European non-M&A business and staff.
Liberty Specialty Markets and Ironshore are parts of Liberty Mutual’s Global Risk Solutions division, writing speciality insurance and reinsurance business. Liberty Mutual purchased Ironshore in 2017.
The company said that the agreement builds on Liberty Specialty Markets’ strategic growth plans in Europe. Under the terms of the agreement Ironshore’s locally written European retail business from its Cologne, Zurich and Rotterdam offices will be offered for renewal by Liberty Specialty Markets.
Additionally, some of Ironshore’s underwriters in these three cities will move to Liberty Specialty Markets’ European operation on 1 August, following a staff consultation.
“This is an excellent opportunity to combine our talents and capitalise fully on the strength of Liberty Speciality Markets and is a further step in our overall strategy to be a leading specialist insurer in Europe,” commented Kadidja Sinz, head of Europe at Liberty Specialty Markets.
The company said that the main lines being transferred are contingency, construction, fine art and specie, liability, marine and personal accident.
In addition Ironshore will cease to underwrite new business from its locations in Cologne, Zurich and Rotterdam, but retain staff to handle the run-off of existing policies. However, Ironshore’s M&A underwriting business in Frankfurt is unaffected by this move and will continue to operate under the Ironshore brand.
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