Liberty Specialty Markets (LSM) has increased its presence in Italy with the acquisition of a Lloyd’s coverholder based in Milan.
The UK insurer, which is part of the Liberty Mutual Insurance Group, has agreed to buy the business, staff and assets of Wholesale Binding Authorities (WBA).
Acquiring WBA significantly increases LSM’s reach and relevance in the Italian insurance market and provides the insurer with direct access to WBA’s distribution network and bespoke underwriting and claims platform.
The transaction is expected to be completed by the end of September, LSM said.
“Expanding our business in Europe is a key part of our strategy. We are very excited about this opportunity and the growth potential it gives us,” said Matthew Moore, LSM’s group chief underwriting officer.
“This acquisition gives us a well-established network in Italy based on strong business relationships and local knowledge,” he added.
WBA, which targets small and medium-sized enterprises, perfectly complements LSM’s existing Italian portfolio of large corporate risks, according to Moore.
“Over the next few months we will be working through the detailed transfer and integration of WBA’s staff and book of business,” Moore said.
The 24-person WBA team will be integrated with LSM’s existing Milan-based staff. WBA COO Antonio Sacchi, will become country manager for Italy, reporting to Olivier Muraire, LSM’s Southern European regional manager.
Simone Cioffari, current WBA chairman, will head up business development while Roberto Brivio will continue to manage the professional and financial lines of the integrated business.
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