Liberty Mutual
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Liberty aims to strengthen PI offering in German market with hire.
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The former Syndicate 4472 active underwriter is to oversee LM Re’s global portfolio.
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The new recruit, a former senior Liberty Mutual executive, put his insurance start-up plans on ice last November.
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The deal will transfer legacy Pembroke business that still sat with Liberty Mutual Group for the 2018 and prior years of account.
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The EU surety and guarantee operations is now one entity and rebranded to Liberty Mutual Surety.
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The carrier is in the early stages of marketing a US construction defects book and a UK motor portfolio.
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The impending deal follows recent Lloyd’s legacy transactions with Neon and ArgoGlobal by RiverStone.
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The Gallagher-brokered and Liberty-led account is likely to generate a $3mn hull claim and between $6mn-$9mn in liability losses.
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The US carrier has offloaded a tranche of liability business written out of London.
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The increase is just above the Lloyd’s aggregate 8.5% market growth figure.
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Soaring rates in the D&O market have prompted a string of underwriting people moves in London.
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The former Ironshore International CEO was most recently chief client officer of Liberty Mutual’s Global Risk Solutions.
