Liberty Mutual
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Liberty Mutual has agreed to sell its Russian unit to privately held lender Sovcombank for an undisclosed sum.
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News of the departure follows that of the impending exit of former Ironshore COO Mitch Blaser. -
The chief transformation officer joined the carrier when it bought Ironshore, where he was COO.
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The contract will allow the insurance group to cede US workers comp, commercial auto and general liability risks.
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The pull-back comes amid a repositioning of energy at Liberty’s Global Risk Solutions (GRS) operation.
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The mutual will transfer the financial risks book written from Zurich to one of three alternative European bases.
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He takes responsibility for the carrier’s underwriting operations across the continent.
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Wilhelm Schaugg will join Montoya’s team as head of strategy.
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The two will report to David Perez, EVP and general manager of national insurance specialty.
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The deal doubles Hamilton’s total premium base on a pro forma basis to $1.1bn.
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The carrier hires a former Aon director as it enters the $650mn market.
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More than half of attorneys surveyed by the carrier said litigation finance has prolonged the time it takes to settle losses.
