LSM to redomicile UK business to Luxembourg
Liberty Speciality Markets (LSM), part of Boston-based Liberty Mutual Insurance, is to redomicile its UK insurance business to Luxembourg as a response to the country's withdrawal from the European Union, due in March 2019.
The decision is in preference to setting up a separate company in the Grand-Duchy. That plan was announced in July, the London-headquartered firm said in a statement on Friday.
"The structure that we are announcing today will set us up perfectly to take advantage of the opportunities that we have in Europe in the post-Brexit environment," LSM President and Managing Director Matthew Moore said in the stateement.
For LSM clients in Europe it "will be business as usual," he said. The company offers speciality and commercial insurance products alongside reinsurance products.
The move is subject to regulatory approvals, LSM said.
Parent company Liberty Mutual, a US Fortune 100 company, reported on November 2 a consolidated $664 million (€564 million) net loss for the third quarter.