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Liberty Specialty Markets opening Lloyd’s platform in Dubai
Published on
16 March 2015Reading time
3 min.
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Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has commenced its company branch operations from the new Lloyd’s premises in the Dubai International Financial Centre (DIFC). LSM plans to start writing on Lloyd’s paper in Dubai starting April 2015, subject to final regulatory approval.
The move gives LSM its second office in the DIFC. LSM has been operating a branch of its London Company there since 2006, and with this latest move is expected to offer Lloyd’s Syndicate capacity from the DIFC for the first time. Final approval is awaited from the local regulator, the Dubai Financial Services Authority, for LSM to operate from both its existing premises and the new Lloyd’s premises, writing business on behalf of both its Company and its Lloyd’s Syndicate.
The new Lloyd’s office will be based in the DIFC and headed by Elie Bouchaaya, Middle East and North Africa senior vice president and regional manager.
John McCammon, LSM’s head of international network offices, said: “Being able to write risks locally on Lloyd’s paper is one of the benefits of the creation of LSM. Our companies market office has serviced the region well for some years, but this initiative should allow us to take full advantage of the new Lloyd’s platform, weighing up which lines of business are best written on which type of paper and allow us to offer our Syndicate products from within the region for the first time.
“Over time, we’ll expand the range of business lines available and strengthen the team. Operating from the Lloyd’s premises will provide Liberty with a more flexible underwriting platform in Dubai from which to grow, as well as more strategic options for our future.
“London is a mature market, so we see a significant percentage of our growth in the next few years coming from Dubai – which we consider to be a very attractive market. We do believe that new business opportunities will be created for us by the availability of Lloyd’s paper in the Gulf region.”
About Liberty Mutual Insurance & Liberty Specialty Markets
Liberty Mutual Insurance is a trading name of Liberty Mutual Insurance Europe Limited (LMIE), part of Liberty Specialty Markets (LSM), the combined operation of LMIE, Liberty Managing Agency Limited and Liberty Mutual Reinsurance. LSM has over 900 employees in 25 offices throughout the UK, Europe and the rest of the world and is part of global insurer Liberty Mutual Insurance Group.
You can learn more by visiting libertyspecialtymarkets.com.
About Liberty Mutual Insurance Group
Liberty Mutual Insurance Group helps people preserve and protect what they earn, build, own and cherish. Keeping this promise means we are there when our policyholders throughout the world need us most.
In business since 1912, and headquartered in Boston, Mass., today Liberty Mutual Insurance Group is a diversified insurer with operations in 30 countries around the world. The company is the third largest property and casualty insurer in the U.S. based on 2013 direct premium written as reported by the National Association of Insurance Commissioners.
Liberty Mutual Insurance Group is ranked 76th on the Fortune 100 list of largest corporations in the U.S. based on 2013 revenue. As of December 31, 2013, Liberty Mutual Insurance Group had $121.2 billion in consolidated assets, $102.2 billion in consolidated liabilities, and $38.5 billion in annual consolidated revenue.
Liberty employs more than 50,000 people in approximately 900 offices throughout the world, and we offer a wide range of insurance products and services, including personal automobile, homeowners, accident & health, commercial automobile, general liability, property, surety, workers compensation, group disability, group life, specialty lines, reinsurance, individual life and annuity products.
You can learn more by visiting www.libertymutualinsurance.com.
The move gives LSM its second office in the DIFC. LSM has been operating a branch of its London Company there since 2006, and with this latest move is expected to offer Lloyd’s Syndicate capacity from the DIFC for the first time. Final approval is awaited from the local regulator, the Dubai Financial Services Authority, for LSM to operate from both its existing premises and the new Lloyd’s premises, writing business on behalf of both its Company and its Lloyd’s Syndicate.
The new Lloyd’s office will be based in the DIFC and headed by Elie Bouchaaya, Middle East and North Africa senior vice president and regional manager.
John McCammon, LSM’s head of international network offices, said: “Being able to write risks locally on Lloyd’s paper is one of the benefits of the creation of LSM. Our companies market office has serviced the region well for some years, but this initiative should allow us to take full advantage of the new Lloyd’s platform, weighing up which lines of business are best written on which type of paper and allow us to offer our Syndicate products from within the region for the first time.
“Over time, we’ll expand the range of business lines available and strengthen the team. Operating from the Lloyd’s premises will provide Liberty with a more flexible underwriting platform in Dubai from which to grow, as well as more strategic options for our future.
“London is a mature market, so we see a significant percentage of our growth in the next few years coming from Dubai – which we consider to be a very attractive market. We do believe that new business opportunities will be created for us by the availability of Lloyd’s paper in the Gulf region.”
About Liberty Mutual Insurance & Liberty Specialty Markets
Liberty Mutual Insurance is a trading name of Liberty Mutual Insurance Europe Limited (LMIE), part of Liberty Specialty Markets (LSM), the combined operation of LMIE, Liberty Managing Agency Limited and Liberty Mutual Reinsurance. LSM has over 900 employees in 25 offices throughout the UK, Europe and the rest of the world and is part of global insurer Liberty Mutual Insurance Group.
You can learn more by visiting libertyspecialtymarkets.com.
About Liberty Mutual Insurance Group
Liberty Mutual Insurance Group helps people preserve and protect what they earn, build, own and cherish. Keeping this promise means we are there when our policyholders throughout the world need us most.
In business since 1912, and headquartered in Boston, Mass., today Liberty Mutual Insurance Group is a diversified insurer with operations in 30 countries around the world. The company is the third largest property and casualty insurer in the U.S. based on 2013 direct premium written as reported by the National Association of Insurance Commissioners.
Liberty Mutual Insurance Group is ranked 76th on the Fortune 100 list of largest corporations in the U.S. based on 2013 revenue. As of December 31, 2013, Liberty Mutual Insurance Group had $121.2 billion in consolidated assets, $102.2 billion in consolidated liabilities, and $38.5 billion in annual consolidated revenue.
Liberty employs more than 50,000 people in approximately 900 offices throughout the world, and we offer a wide range of insurance products and services, including personal automobile, homeowners, accident & health, commercial automobile, general liability, property, surety, workers compensation, group disability, group life, specialty lines, reinsurance, individual life and annuity products.
You can learn more by visiting www.libertymutualinsurance.com.