The specialty insurer announced the city that will become its new home after the U.K. splits from the E.U.
The insurance company Brexit strategy announcements have begun, and among the latest is the new Liberty Specialty Markets headquarters. The specialty insurance company has been seeking a new home following the British exit from the European Union and recently made its decision.
The company announced that it will be remaining in London for now but will leave as Brexit occurs.
The insurance company Brexit move has launched an effort to move to Luxembourg. For now, Liberty Specialty Markets will hold its place in London. However, it has already started the process of obtaining the necessary regulatory approvals to relocate its headquarters to Luxembourg. There, it will establish a new insurance company and intermediary. Through that new insurer, Liberty Specialty Markets will be capable of continuing to sell its products throughout Europe even with locations in the United Kingdom and Switzerland.
As of yet, the Liberty Specialty Markets insurance company Brexit strategy have yet to be finalized.
While the insurer is making efforts to put all the necessary components into place, an LSM spokesperson said that nothing has been set in stone and the structuring options remain under analysis.
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“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,” said Liberty Specialty Market President and Managing Director Nick Metcalf. “It is important to us to locate ourselves in a robust regulatory environment, and Luxembourg offers us exactly that.” He also underscored that the regulator has a thorough comprehension of the market as it is “well-respected, pragmatic, and insurance-specific.”
Metcalf explained that the main purpose of the insurance company Brexit strategy was to keep the client, policyholder and employee disruption to a bare minimum. He expressed his hope that this effort will be a demonstration of that achievement as certain components fall into place after the summer. He assured the company’s clients that everything will remain “very much business-as-usual” and that the company is looking forward to its expansions in the European marketplace.