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Liberty Special Markets to transfer UK insurance unit to Luxembourg

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Liberty Special Markets to transfer UK insurance unit to Luxembourg

Liberty Specialty Markets Ltd. will transfer its Liberty Mutual Insurance Europe Ltd., or LMIE, unit to Luxembourg from the U.K. instead of establishing a new insurance subsidiary.

The insurer will set up a U.K. branch of LMIE to maintain its presence in the British market.

Additionally, LSM appointed Eric Daout general manager for its Luxembourg offices and to lead its European operations alongside Dieter Winkel, LSM Reinsurance president in the German city of Cologne, and Paris-based Kadidja Sinz, head of European insurance. Daout formerly was managing director in CIGNA Insurance Europe.

In July, LSM announced that it had chosen Luxembourg to be its headquarters after the U.K. leaves the EU. The firm has since opened and licensed Liberty Specialty Markets Europe S.à r.l., an in-house cover holder in Luxembourg.

LSM, which is a part of Liberty Mutual Group Inc. and a member of Lloyd's of London, said the transfer, the establishment of LMIE's U.K. branch and Daout's appointment all remain subject to regulatory approvals.