July 04, 2017
Liberty Specialty Markets has selected Luxembourg as the location for its post-Brexit EU base.
The carrier joins the likes of AIG, CNA Hardy, FM Global, Hiscox and RSA in its decision to establish an EU subsidiary in the Grand Duchy in a bid to safeguard access to the EU following Brexit.
Liberty said it will seek regulatory approvals to operate via an insurance company and insurance intermediary domiciled in Luxembourg to serve both the Lloyd's and company market.
The company noted that it will maintain its London headquarters, adding that it is continuing to analyse potential structures for its new EU operation, with a further announcement expected later in 2017.
Liberty already has branch offices in Paris, Cologne, The Hague, Madrid and Zurich.
"We have ambitious plans for growing the business that we do within and from the EU, and Luxembourg best fits the design principles we set ourselves to best position our post-Brexit structure,” remarked Nick Metcalf, president and managing director of Liberty Specialty Markets.
"It is important to us to locate ourselves in a robust regulatory environment, and Luxembourg offers us exactly that. The regulator is well-respected, pragmatic and insurance-specific, and so understands the market very well,” he added.