Liberty Mutual enhances global operations with Asia Pacific expansion
Liberty Mutual enhances global operations with Asia Pacific expansion | Insurance Business Asia
Insurance News
Liberty Mutual enhances global operations with Asia Pacific expansion
New business launched
Insurance News
By
Roxanne Libatique
Liberty Mutual Insurance has unveiled significant updates to its Global Risk Solutions (GRS) business, which handles the company’s worldwide commercial and specialty (re)insurance and international insurance services.
These strategic enhancements are aimed at expanding the firm’s market presence, particularly in the Asia Pacific region, and at optimising client and broker interactions through increased operational clarity and accessibility.
Key developments at Global Risk Solutions
Key developments announced include the establishment of a new international insurance business unit, the integration of two business entities in Asia, and the modification of its global surety framework. These measures are part of GRS’s broader strategy to refine its global operational capabilities while ensuring effective local implementation to address the changing needs of its clientele and partners.
“In an environment characterized by accelerating change and higher volatility, our ambition is to be a trusted partner that is risk aware, not risk averse,” said Neeti Bhalla Johnson, president of GRS. “We are committed to investing in our talent, capabilities, and operating model to enable us to intentionally deliver an integrated business, rooted in underwriting excellence and risk expertise while providing exceptional service and value to our clients and broker partners globally. [The] announcements are the next exciting step in our multi-year transformation journey to build the (re)insurer of the future.”
GRS launches Liberty International Insurance
As part of the restructuring, GRS will launch Liberty International Insurance (LII), which will market under well-known brands such as Liberty Specialty Markets (LSM) and Liberty Insurance in Asia Pacific, Europe, Latin America, and the UK & MENA.
Phil Hobbs, president and managing director of LSM, will assume the role of president of LII and report to Bhalla Johnson.
This reorganisation will merge LSM and Asia Retail Markets into a unified regional strategy in Asia Pacific.
Matthew Jackson, head of Asia at LSM, will be appointed as president of LII for the Asia Pacific region and will be based in Singapore, reporting to Hobbs.
Leadership in other regions will remain consistent, with Kadidja Sinz as president for Europe, Manuel Moreno as president for the US and Latin America, and Luis Prato as president for the UK & MENA, all reporting to Hobbs.
Defne Turkes, formerly president of Asia Retail Markets, will take on the new role of chief operating officer at LII, reporting to both Hobbs and Sue Figueredo Cook, chief operating officer of GRS.
Mike Abdallah, who launched LSM’s Asia Pacific commercial insurance operations 25 years ago, will continue in his current leadership role.
Hobbs expressed optimism about the growth potential in Asia Pacific, highlighting it as a region poised for significant expansion due to demographic advantages, infrastructural investments, and growing insurance market penetration.
“With the formation of LII, we see significant potential for growth in prominent global markets and the opportunity to combine our strong commercial and retail understanding in Asia Pacific. This region is projected to be one of the largest P&C insurance markets in the world in the coming years, driven by favourable demographic trends, ongoing infrastructure investments, and increasing insurance penetration,” he said.
Additionally, Liberty Mutual Surety is adjusting its US operations to better support its brokers and customers globally. These enhancements will be overseen by Tim Mikolajewski, president of Global Surety, focusing on broadening the firm’s capabilities across the global surety market.
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