Liberty Mutual has announced the operating structure of its recently formed Global Risk Solutions business, which will consist of specialty, reinsurance, and surety operations.
The businesses included in the new arrangement are National Insurance, Global Surety, North American Specialty, and Liberty Specialty Markets (LSM).
LSM is to operate all of Liberty’s reinsurance and specialty insurance businesses outside North America, and already includes Liberty’s $1.5 billion global reinsurance business, led by President of Liberty Mutual Reinsurance Dieter Winkel.
The plan is to unite Liberty Mutual’s and Ironshore’s international specialty operations and the existing operations of LSM under a single management team in London.
These will include operations in South America, Asia Pacific, Bermuda and Europe, as well as the recently acquired Pembroke, which will continue to operate independently from Liberty’s syndicate business.
Commenting on the new arrangement, President and Managing Director of LSM, Matthew Moore said: “This move will bring together the skills and expertise of our people around the globe under one executive management to leverage our global scale and local capabilities. Each of the constituent parts of the new LSM are excellent businesses in their own right, putting customers at the heart of everything they do.
“As the (re)insurance market becomes ever more globalised, it is crucial that we increase our communication and collaboration across geographic borders, to serve our customers better and grow a world beating business. It will make us easier to do business with, and help the staff and customers of every part of the new LSM to prosper.”
Mark Wheeler, former Chief Executive Officer (CEO) of recently consolidated Ironshore International and Pembroke Managing Agency, will become LSM’s President, International Markets. He will be responsible for the coordination of LSM’s international business outside the UK.
“There is much potential to realise as we bring our global business under one strategy, and we are determined to make that happen,” said Wheeler. “I am hugely excited by the challenges and opportunities ahead.”
Tim Glover will now take over Wheeler’s former position as CEO of Pembroke.