Liberty to move its EU base to Luxembourg
Today, Liberty Specialty Markets (LSM), part of the Liberty Mutual Insurance Group, announced its intention to headquarter its EU operations in Luxembourg following the UK’s decision to leave the European Union.
According to Liberty, the move follows a detailed analysis of potential jurisdictions, with the aim of ensuring that LSM’s post-Brexit structure complements its European strategy.
It will seek regulatory approvals to set up a capitalised insurance company and insurance intermediary in Luxembourg to continue to serve both Lloyd’s and Company paper from its offices throughout the European Union and Switzerland.
Luxembourg was chosen due to its robust regulatory environment and well-respected regulator and strong financial services experience.
Nick Metcalfe, SM’s President & Managing Director, said, “We have ambitious plans for growing the business that we do within and from the EU, and Luxembourg best fits the design principles we set ourselves to best position our post-Brexit structure. It is important to us to locate ourselves in a robust regulatory environment, and Luxembourg offers us exactly that. The regulator is well-respected, pragmatic, and insurance-specific and so understands the market very well."
Liberty joins leading insurers such AIG, FM Global, CNA Hardy, Hiscox and RSA Insurance Group which have all chosen Luxembourg as their new EU base to ensure that they can continue to serve their European clients without interruption.