Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, is to integrate its Ironshore Bermuda businesses and brands into a single business branded as: Liberty Specialty Markets Bermuda.
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) and will report to Mark Wheeler, President, international markets. The business will utilise the managing general agency structure, previously Iron-Starr Excess Agency Ltd, across its product lines, enabling each business to provide Liberty capacity as well as access to third party capacity.
Mark Wheeler said: “This move gives us a fantastic opportunity to bring all our Bermuda business under the Liberty Specialty Markets brand, acting as one global organisation and making a major contribution to our strategic priorities.
“Combining these businesses gives us a unified regional approach to Bermuda. This has major advantages for both our clients and Liberty itself. We will be able to offer clients our full suite of products and experience while making it easier to build stronger and deeper long-term client relationships. We will also be able to provide our Bermuda-based clients with new products currently offered from other parts of Liberty, most notably specialty reinsurance from Liberty Mutual Re. Finally, the integration will put us in a stronger position for growth and business development in the region.
“Steve Horton is a highly capable and experienced executive who understands the Bermuda market exceptionally well. Under his leadership, our Bermuda operation will be in great hands.”
Steve Horton said: “I’m delighted to lead the team, which has an exceptional track record since its formation in 2007. Being part of the LSM group can only enhance our reputation and support our continued development. We look forward to making a meaningful contribution to LSM.”
Ironshore in Bermuda historically comprised two businesses: Ironshore Bermuda, which opened in 2007, writing, property, energy and specialty re/insurance, and Iron-Starr Excess Agency, which began in 2009 and writing excess casualty, financial lines and healthcare within Iron-Starr Excess Agency.
Steve Horton joined the Ironshore group in 2008 through Ironshore’s Lloyd’s platform, Pembroke Managing Agency Limited. Steve worked as a primary financial institutions underwriter before transferring to Iron-Starr in 2010. At Iron-Starr, Steve was initially charged with growing international business before being promoted to financial lines manager and subsequently chief executive officer.