Liberty moves UK operations to Luxembourg
Liberty Specialty Markets (LSM) intends to redomicile its insurance company from the UK to Luxembourg.
At the same time, the company stressed that it will maintaining its substantial London presence. The decision was taken in preference to setting up a separate insurance company.
LSM announced in July that it would be establishing its post-Brexit European headquarters in Luxembourg. LSM has since established and licensed an in-house coverholder in Luxembourg, Liberty Specialty Markets Europe (LSME). The unit began underwriting on behalf of LSM’s UK insurance company Liberty Mutual Insurance Europe Limited (LMIE) from branches throughout Europe on the 1st November.
It is intended that LSME will also underwrite on behalf of Lloyd’s Brussels when it commences business.
Brit moves Gibraltar reinsurer to Bermuda
Specialty re/insurer Brit is relocating its Gibraltar based reinsurer to Bermuda as part of its long-term strategy.
The process is expected to be completed by the end of the year, the company said. As part of the move Brit Insurance (Gibraltar) will become Brit Reinsurance (Bermuda).
“This is a natural move for us as we continue to expand our Bermuda platform, while it is also highly complementary to our continued focus on the US market,” said Brit CEO Matthew Wilson.
Mark Allan, Brit chief financial officer, added: “Bermuda is an important hub for Brit, and its combination of a mature regulatory environment, including Solvency II equivalence, and access to highly qualified and experienced people makes it the right home for Brit Re to support the Group’s longer term strategy.”
Trust Re leads underwriting facility for Middle East renewable energy
Renewable energy insurer GCube Underwriting has secured a new underwriting facility for the Middle Eastern clean energy markets led by Bahrain-based reinsurer Trust Re.
Supported by Trust Re and in partnership with two other regional backers, GCube has developed an additional US$95 million of underwriting capacity for new wind and solar projects in the region.
Trust Re chief operating officer Kamal Tabaja, said: “Since 2008, by establishing an Alternative Energy Department, Trust Re has been very confident about the investment and development of this sector.”
The first development to be completed under the new facility is a project forming part of the 1.8GW Ben Ban scheme, the largest photovoltaic (PV) development area in the world at 37km squared, according to a press release.
The development of the facility has been significantly driven by domestic policy in the Middle East. Egypt is seeking to source 20 percent of its energy from renewable sources by 2022, while Saudi Arabia has a target of 9GW of installed capacity by 2023. These targets owe their existence to the international movement to reduce dependence on fossil fuels, as well as the recognition of the need to diversify away from low oil prices.
GCube’s facility will be deployed to manage project risks during construction and operations.
“The Middle Eastern solar markets are showing significant potential, with a large pipeline of projects across the region,” said Rosa van Reyk, underwriter at GCube.
“We see a strong opportunity to support the growth of clean energy in the region by providing a range of different underwriting services, with products that we’ve specifically developed from our experience of supporting the sector in emerging markets.
“By partnering with regional providers, we’re able to support such ambitious projects as the Ben Ban development, and we are continuing to work with our partners to make GCube’s coverage as comprehensive as possible, all of which will help to drive safe innovation in the renewables sector,” Ms van Reyk added.
Sedgwick acquires Cunningham Lindsey
Technology-driven risk solutions provider Sedgwick Claims has acquired management and loss adjusting firm Cunningham Lindsey.
The strategic acquisition of Cunningham Lindsey is set to broaden Sedgwick’s international footprint, according to a statement.
“Bringing the incomparable talent, expertise and robust global capabilities of Sedgwick, Vericlaim and Cunningham Lindsey under one umbrella is among the greatest stories to emerge from the claims industry in many years,” Sedgwick group president Michael Arbour commented. “This exciting development puts us in an optimal position to meet the increasingly complex needs of clients around the world.”
The Cunningham Lindsey group includes a range of services addressing all aspects of the risk management life cycle, including pre- and post-loss; their specialties in loss adjusting, third-party claims administration, global account management, forensic engineering, and restoration and repair consulting, among others.
Jane Tutoki, global CEO of Cunningham Lindsey, said: “Joining forces with Sedgwick and Vericlaim presents an opportunity to provide our clients an end-to-end service solution around the world. Our vision is to align our complementary services and further grow the reach to a scale that will help redefine the expertise and talent we can offer. We are excited about the next step in this journey with Sedgwick and Vericlaim to offer a truly global path to transform the way we provide our services together.”