Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has announced plans to integrate its Ironshore Bermuda businesses and brands into a single business, branded as Liberty Specialty Markets Bermuda.
The new business will be headed up by Steve Horton (pictured), who currently serves as the chief executive of Iron-Starr Excess Agency. Horton will become president of Liberty Specialty Markets Bermuda (subject to approval by the Bermuda Department of Immigration) and will report to Mark Wheeler, president of international markets.
The new business will use the managing general agency structure, previously Iron-Starr Excess Agency, across its product lines, which will enable each business to provide Liberty capacity as well as access to third-party capacity, LSM said.
“This move gives us a fantastic opportunity to bring all our Bermuda businesses under the Liberty Specialty Markets brand, acting as one global organisation and making a major contribution to our strategic priorities,” Wheeler said. “Combining these businesses gives us a unified regional approach to Bermuda. This has major advantages for both our clients and Liberty itself. We will be able to offer clients our full suite of products and experience while making it easier to build stronger and deeper long-term client relationships. We will also be able to provide our Bermuda-based clients with new products currently offered from other parts of Liberty, most notably specialty reinsurance from Liberty Mutual Re. Finally, the integration will put us in a stronger position for growth and business development in the region.”
“I’m delighted to lead the team, which has an exceptional track record since its formation in 2007,” Horton said. “Being part of the LSM group can only enhance our reputation and support our continued development.”