Liberty Mutual Insurance Group announced that Nick Metcalf has been named President and Group Managing Director of Liberty Specialty Markets, a new operation created by integrating the Company’s existing Lloyd’s Syndicate, Liberty Mutual Insurance Europe / LIU Europe and U.S.-based Liberty Mutual Reinsurance operations. The change is effective immediately.
The bulletin explained that “Liberty Specialty Markets, which will operate at a scale of nearly $3.5 billion in Gross Written Premium” and will be composed of three business units led by the following executives:
Nick Metcalf, President and Group Managing Director Liberty Specialty Markets
Matthew Moore, Chief Underwriting Officer – Wholesale and Reinsurance
Sean Rocks, Chief Underwriting Officer – Retail
“The new operation will retain all existing regulated insurance entities. Brokers and clients will be able to access their existing contacts in the same way as before.”
Christopher L. Peirce, President of Liberty Mutual Insurance Group’s Global Specialty business unit, said: “With access to different paper across the business, and a geographic spread from Central and South America to the Middle East, the new integrated structure will make it easier for customers and partners to do business with us as we leverage our scale and expertise. I believe the merger will allow us to use capital more efficiently and to improve our portfolio management.”
Liberty Specialty Markets will seek opportunities for growth and improved performance, while continuing to provide its current wide range of product capability and capacity for specialty markets worldwide.
Metcalf added: “We are pleased to announce this merger as it enables us to create one platform that offers an enhanced proposition to distribute through a stronger brand and united product offering. It will also give brokers and clients increased access to global specialty business and greater flexibility through access to different licenses and platforms across the business.”
Source: Liberty Mutual Insurance