Liberty Specialty Market (LSM) is set to redomicile its insurance company to Luxembourg, while maintaining its London presence.
According to LSM, the decision was made in preference to setting up a separate insurance company.
As part of the redomestication, LSM has appointed Eric Daout as the genera manager of its Luxembourg companies.
Alongside Daout, Dieter Winkel, president of LSM Reinsurance and Kadidja Sinz, European head of insurance, will lead the firm’s European business.
Matthew Moore, president and managing director of LSM, said: “The structure that we are announcing today will set us up perfectly to take advantage of the opportunities that we have in Europe in the post-Brexit environment. Moving our insurance company to Luxembourg will minimise any disruption to our clients and staff by providing continuity of our insurance company paper.”
He added: “The post-Brexit structure we have chosen will mean that for our clients it will be business-as-usual. LSM will continue to be able to offer company and Lloyd’s paper throughout the UK and Europe, and one company paper for pan-EU/UK risks…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.”
