High-End Market Segment Enters Liberty Specialty Markets' Territory
Liberty Specialty Markets Expands into UK High Net Worth Market
Liberty Specialty Markets (LSM), a part of Liberty Mutual Insurance Group, has announced a strategic entry into the UK High Net Worth (HNW) market. The move, which is part of LSM's broader emphasis on developing specialized insurance products and markets, is spearheaded by the appointment of Benjamin Faerestrand as UK HNW Household Underwriter.
Faerestrand, who brings nearly 15 years of industry experience, most recently held the role of Strategic Account and Team Manager at Chubb. His appointment is effective immediately, and he will be based in London. In his new role, Faerestrand will be responsible for helping define and execute the UK HNW business plan.
The expansion into the UK HNW market will be delivered predominantly via the Lloyd's platform across both open market and delegated authority channels. Faerestrand will work closely with Fine Art & Specie (FAS) teams in Europe and the US to strengthen Liberty's capabilities for HNW clients who have particular needs across international markets.
Garthwaite, Senior Underwriter, Fine Art & Specie (FAS), stated that Faerestrand's appointment represents a pivotal moment for Liberty as they expand on their existing, market-leading FAS offering in the UK through entering the HNW market in the region. The strategic entry demonstrates a commitment to building a differentiated Lloyd's proposition.
The report from Gracechurch London's Leading Underwriters Report 2022 recognized LSM for having the highest number of influential female underwriters. Meghan Walker, Head of Aviation at LSM, has been recognized as an influential female underwriter. LSM has been recognized as the London Market carrier with the strongest female underwriting talent.
The strategic focus on high net worth clients through leadership investment and market-specific product development appears central to Liberty Specialty Markets’ UK growth strategy. However, no detailed public disclosures about exact product offerings or partnerships in the UK HNW segment were found.
In other news, David Kellaway has been appointed as a regional manager at Gateley Smithers Purslow in Birmingham, while Udi Ziv has been appointed as the CEO of Kissterra. Ziv was previously an Art and Private Client Development Underwriter for eight years.
These appointments and strategic moves suggest LSM aims to combine expert management with tailored underwriting solutions for the UK HNW market, positioning themselves as a key player in this niche market.
- Liberty Specialty Markets (LSM) is venturing into the UK High Net Worth (HNW) market, aiming to provide specialized insurance products and services through insurtech and underwriting events, a move that is expected to strengthen their finance business and position them as a significant player in the niche market.
- In this expansion, Benjamin Faerestrand, with his extensive industry experience, will be instrumental in defining and executing the UK HNW business plan, working closely with Fine Art & Specie (FAS) teams across international markets to offer tailored underwriting solutions to high net worth clients.
