Liberty Specialty Markets (LSM) has bolstered its London-based financial institutions (FI) team with two new hires and a promotion.

Formerly a senior underwriter within the team, Sam Adamson has been promoted to underwriting manager of financial institutions business for the UK and Ireland.

Adamson joined LSM in 2012, having spent nearly three years as an FI underwriter at Travelers.

Alongside Adamson’s promotion, LSM also announced the appointment of two new FI senior underwriters.

Pavittar Bansel moves over from Sompo International, prior to which he served a number of FI underwriting positions in the London market at the likes of Endurance and Chubb.

Meanwhile, Joe Dearsley joins from Axis, where he was most recently a senior underwriter in the FI team. He began his insurance career with Liberty Syndicates in 2010.

LSM noted that another underwriting position is currently in the process of being filled.

Adamson commented: “FI remains a challenging class, but at Liberty we believe conditions are right to invest in our team and build a strong basis for the future development of our book. That’s why we’re excited to have Pav and Joe join us, complementing our team’s existing talent and experience.”

“Our FI account is one of the largest and longest standing in the market. Having been there for our clients throughout the financial crisis and years of recovery since, we’ve built a reputation as a reliable partner for our brokers and insureds,” he added.