October 18, 2018
Liberty Mutual has launched a strategic review of its Lloyd’s managing agency, Pembroke.
In a statement, the carrier said that it has retained Evercore to serve as its adviser through the process.
Liberty acquired Pembroke back in May 2017 through its $3bn acquisition of US specialty carrier lronshore.
Pembroke underwrites a portfolio of specialty insurance through Lloyd’s Syndicate 4000 and company paper, including property, liability, political risks, marine and energy, accident and health, agriculture, and select specialist lines.
For the 2017 underwriting year, Syndicate 4000 reported gross written premiums of £414.3mn and a combined ratio of 111.5 percent.
Pembroke also manages Acapella Syndicate 2014 and Patria Re Syndicate 6125.
Liberty Mutual said that it does not plan on providing additional details of the review until its completion.