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Liberty Mutual Insurance Co.’s Global Risk Solutions unit has joined two operations that independently provided credit and political risk products into a single global product line called Financial Risk Solutions, Liberty Mutual announced Wednesday.
The new unit, based in London, is led by Peter Sprent, head of Financial Risk Solutions, Liberty Specialty Markets, Liberty Mutual said in a statement.
“Joining credit and political risk experts from Liberty Specialty Markets and Ironshore into a single, global operation makes it easier for brokers and buyers to access sophisticated solutions from a financially strong carrier,” said Matthew Moore, president of Liberty Specialty Markets in the statement.
The Liberty Specialty Markets credit and political risk claims team, led by Chief Claims Officer Mike Gillett, will oversee claims for the combined unit, said the statement. Liberty Mutual also said that the launch of Financial Risk Solutions does not change the current contacts credit and political risk brokers and customers have at Liberty Mutual.
U.S.-based insurer Liberty Mutual Group Inc. plans to merge its Irish, Portuguese and Spanish units, Independent.ie reported. The insurer plans to consolidate its non-life business from Ireland-based Liberty Insurance Ltd. and Portugal-based Liberty Seguros S.A. into Spain-based Liberty Seguros Compania de Seguros y Reaseguros S.A.