Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, is integrating its Ironshore Bermuda businesses and brands into a single entity called Liberty Specialty Markets Bermuda.
The business will rely on the managing general agency structure across its product lines (previously Iron-Starr Excess Agency Ltd), enabling each business to provide Liberty capacity plus access to third-party capacity.
The new business will be led by Steve Horton, currently chief executive of Iron-Starr Excess Agency. He becomes president of Liberty Specialty Markets Bermuda, subject to approval by the Bermuda Department of Immigration. Horton will report to Mark Wheeler, president, international markets.
Wheeler said combining these businesses provides a unified regional approach to Bermuda and gives its Bermuda-based clients access to new products currently offered from other parts of Liberty, including specialty reinsurance from Liberty Mutual Re.
Ironshore in Bermuda historically involved two businesses: Ironshore Bermuda, which opened in 2007, writing property, energy and specialty insurance and reinsurance, and Iron-Starr Excess Agency, which began in 2009, writing excess casualty, financial lines and healthcare within Iron-Starr Excess Agency.
Horton joined the Ironshore group in 2008 through Ironshore’s Lloyd’s platform, Pembroke Managing Agency Limited. He worked as a primary financial institutions underwriter before transferring to Iron-Starr in 2010. At Iron-Starr, Horton was initially charged with growing international business before being promoted to financial lines manager and subsequently chief executive officer.
Source: Liberty Mutual
*This story appeared previously in our sister publication Insurance Journal.