Liberty Mutual has confirmed that it is conducting a strategic review of London-based Pembroke Managing Agency Ltd. and has tapped Evercore Inc. to serve as its adviser.

The Insurance Insider in July reported that Liberty Mutual had hired an investment bank to advise it on the possible sale of Lloyd's of London Syndicate 4000, which Pembroke manages.

Liberty Mutual acquired the Pembroke business as part of its May 2017 acquisition of Ironshore Inc.