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A division of Liberty Mutual Holding Co. Inc. has started to write property insurance business from Madrid.
London-based Tokio Marine Kiln Group Ltd. confirmed Monday in a statement that it has appointed London-based Liberty Specialty Markets of Liberty Mutual Insurance Group to provide renewal terms on all expiring policies in its non-Japanese portfolio written in Spain, starting Jan. 1, with Tokio running off policies for the rest of the year.
Liberty Specialty Markets hired Tokio's senior underwriting and risk management team in Madrid for continuity of service to brokers and clients, allowing Tokio to consolidate operations in the country and focus on Japanese business from its Barcelona office, the statement said.
The move is intended to build local expertise and strength in its international markets, implementing the hub strategy outlined by London-based Liberty Specialty Markets President and Managing Director Nick Metcalf earlier this year, a Liberty Specialty Markets statement said.
The team will report to London-based Nigel Tatlock, Liberty Specialty Markets' head of worldwide property.
“The added dimension of a new Spanish hub for this line will facilitate our long term strategy of profitable growth within the European market,” Mr. Tatlock said in the statement.