Liberty Mutual Insurance announced it is undertaking a strategic review of its London-based Pembroke Managing Agency Ltd., acquired through the lronshore purchase in May of 2017. The company has retained Evercore to serve as its adviser during the process.
A Liberty Mutual representative said there is no link between an announcement made by Lloyd’s in July that it was asking syndicates to review the worst-performing 10 percent of their portfolios and provide remediation plans — in an effort to improve the market’s underwriting results.
“We continually evaluate segments and lines of business for their strategic fit within the organization in order to provide our customers and brokers with seamless global commercial and specialty lines insurance and reinsurance solutions,” said the representative in emailed comments.
Pembroke, headquartered in London with hubs in the U.S., Middle East and Asia, underwrites a portfolio of specialty insurance products through Lloyd’s Syndicate 4000 and company paper, including: property, liability, political risks, marine and energy, accident and health, agriculture, and select specialist lines.
Pembroke is also a specialist provider of Lloyd’s managing agency services to third party capital supported syndicates.
Liberty Mutual said it does not plan on providing further additional details of the review until its completion.
Source: Liberty Mutual Insurance
*This story appeared previously in our sister publication Insurance Journal.