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
North Carolina captive industry sees ‘rapid growth’
19 July 2017 | Raleigh | Reporter: Becky Butcher
The North Carolina captive insurance industry experienced rapid growth in 2016, according to the state’s Department of Insurance
NSU to launch new surety captive
17 July 2017 | Philadelphia | Reporter: Stephanie Palmer
National Surety Underwriters has raised $11.5 million in funding for the capitalisation of a new special-purpose surety reinsurance captive, the National Fidelity Reinsurance Company
Risk Strategies snaps up employee benefits duo
13 July 2017 | Boston | Reporter: Becky Butcher
Risk Strategies Company has welcomed Kate Genovese and Pauline Sobelman to its employee benefits practice group
Severe US weather outbreaks cause £3bn in losses
13 July 2017 | Chicago | Reporter: Becky Butcher
Worldwide economic and insured losses during June were largely driven by several major severe weather outbreaks in the US, according to Aon Benfield’s Impact Forecasting
ILS continues to drive innovation
11 July 2017 | Zurich | Reporter: Becky Butcher
The insurance-linked securities (ILS) market will continue to drive innovation and efficiency in risk financing for the benefit of protecting buyers and investors, according to Christoph Buerer of Twelve Capital
CBL acquires stake in Allied Risk Holdings
10 July 2017 | Dublin | Reporter: Becky Butcher
CBL Corporation has acquired a 40 percent stake in Allied Risk Holdings, a captive insurance management firm in Dublin, for €1.38 million
Owen-Dunn expands captive footprint
06 July 2017 | California | Reporter: Becky Butcher
Sacramento-based Owen-Dunn Insurance Services has expanded its captive insurance offering, after seeing growing demand from mid-size business owners