Liberty Mutual Re completes acquisition and expands European footprint

Liberty Mutual Re completes acquisition and expands European footprint | Insurance Business

Liberty Mutual Re completes acquisition and expands European footprint

Change is coming at Liberty Mutual Re, after the reinsurer completed its acquisition of Nationale Borg Reinsurance.

The deal will see the firm makes changes to the structure of its financial risks reinsurance team with the business now set to operate from Milan, Paris and Amsterdam in continental Europe. The Paris office will have a focus on Western Europe, global credit insurers and Africa; Amsterdam will deal primarily with the Nordic and central and Eastern Europe regions; while Milan serves clients in southern Europe, the Middle East and Asia-Pacific. The financial risks reinsurance business previously written by Zurich is now set to transfer to another office with no changes expected to its underwriting strategy.

“The acquisition will strengthen LM Re’s global surety and credit reinsurance expertise and enables us to expand our global footprint,” said Peter Smith, executive underwriting officer at Liberty Mutual Re.

“Nationale Borg Re and Liberty Zurich Branch clients who are affected by these changes will be contacted to ensure a smooth and seamless transition. These changes are designed to further enhance our product and regional capabilities and better serve our global clients and brokers.”