London
05 July 2017
Reporter: Becky Butcher

LSM plans post-Brexit Luxembourg move


Liberty Specialty Markets (LSM) intends to move its EU business headquarters to Luxembourg, as part of its post-Brexit strategy.

According to LSM, the move follows a detailed analysis of potential jurisdictions, with the aim of ensuring that the company’s post-Brexit structure fits with its European strategy.

Once it has received regulatory approval, LSM will operate through an insurance company and insurance intermediary domiciled in Luxembourg.

LSM, which will retain its London office, is continuing to analyse potential structures for its new EU operation.

According to Nick Metcalf, president and managing director of LSM, the company has “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.”

Metcalf said: “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.”

He added: “Our primary objective was to minimise disruption to our clients and policyholders and employees, and I hope to be able to demonstrate how we have achieved that, when we set out how our new structure will work after the summer.”

“For our clients it will be very much business-as-usual. Europe is a key market for us and we are working towards expanding our capabilities and product offering in Europe over the coming months and years.”

In March, Lloyds of London also announced that as part of its post-Brexit plan it would be opening a new EU insurance company in Brussels.

More Industry news
The latest news from Captive Insurance Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Advantage opens Vermont office
18 January 2018 | Vermont | Reporter: Ned Holmes
Advantage Insurance has opened a new office in Vermont to support its growing captive insurance services business
Tennessee captive premiums exceed $1 billion in 2017
18 January 2018 | Nashville | Reporter: Ned Holmes
Tennessee-domiciled captive insurance companies exceeded $1 billion in written premiums in 2017 for the first time, according to year-end figures from TDCI
National Interstate establishes group captive
17 January 2018 | Ohio | Reporter: Ned Holmes
National Interstate Insurance has launched TowCap Premier, a group rental captive, designed exclusively for the towing and recovery industry
Martin & Company opens EB division
16 January 2018 | Philadelphia | Reporter: Ned Holmes
Martin & Company has established an employee benefits consulting division and expanded its life, accident and health department
Utah sees 63 new captive formations in 2017
15 January 2018 | Salt Lake City | Reporter: Ned Holmes
The Utah Insurance Department licensed 60 new full captive insurance companies in 2017, in comparison to the 68 that it licensed in 2016
R&Q sells captive operations
15 January 2018 | London | Reporter: Ned Holmes
R&Q has sold its insurance services and captive management operations to Davies Group, a UK-based operations management, consultancy and digital solutions provider
Conyers welcomes new COO
11 January 2018 | Bermuda | Reporter: Ned Holmes
Paul Naylor has been appointed as the new COO for international law firm Conyers Dill & Pearman