Liberty Specialty Markets (LSM) will redomicile its European headquarters to Luxembourg, to ensure its business can continue unaffected by Brexit and any potential loss of passporting rights.
In July, the company said it would establish a post-Brexit EU headquarters in Luxembourg alongside its London head office. However, the firm has now announced it will move current UK-based Liberty Mutual Insurance Europe to Luxembourg under its new Liberty Specialty Markets Europe name and just maintain a branch office in London. It explained that “the decision was taken in preference to setting up a separate insurance company” in Luxembourg. It added that its London presence would be “substantial”.
The company has already received a licence for Liberty Specialty Markets Europe in Luxembourg, which began underwriting on behalf of Liberty Mutual Insurance Europe on 1 November. Liberty Specialty Markets Europe will also take on underwriting business from Lloyd’s Brussels when its post-Brexit operation gets underway.
Matthew Moore, president and managing director of LSM, 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. Moving our insurance company to Luxembourg will minimise any disruption to our clients and staff by providing continuity of our insurance company paper.”
Mr Moore said the business remains committed to London and will continue to underwrite company and Lloyd’s risks.
“The post-Brexit structure we have chosen will mean that for our clients it will be business as usual. LSM will continue to be able to offer company and Lloyd’s paper throughout the UK and Europe, and one company paper for pan-EU/UK risks.
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