Asia-Pacific focus in Liberty Mutual’s strategic shift
Clarity and ease of access main goal in GRS reshuffle
Liberty Mutual Insurance has announced strategic changes in its Global Risk Solutions (GRS) business, the company’s global commercial and specialty (re)insurer and international insurance operations, which will see it combine its two business units in Asia – LSM and Asia Retail Markets – to create a single unified strategy in the region.
The insurer said that the changes will bolster its presence in key global markets, including Asia Pacific, and bring “clarity, ease of access and the full breadth of the company’s capabilities to clients and broker partners”.
As well as the unification of the Asian businesses, the announcement includes the creation of a new international insurance business division and the evolution of the company’s global surety model.
“In an environment characterised 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, Global Risk Solutions at Liberty Mutual.
“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. Today’s announcements are the next exciting step in our multi-year transformation journey to build the (re)insurer of the future.”
GRS will create Liberty International Insurance (LII), which will continue to go to market in Asia Pacific, Europe, Latin America and the UK & MENA under its existing brands, including Liberty Specialty Markets (LSM) and Liberty Insurance.
Phil Hobbs, currently president and managing director, Liberty Specialty Markets, will be named president, Liberty International Insurance, and continue to report to Bhalla Johnson.
Matthew Jackson, currently head of Asia for Liberty Specialty Markets, will be named president, Liberty International Insurance, Asia Pacific. Jackson will continue to be based in Singapore and will report to Hobbs.
LII’s other regions will continue to be led by: Kadidja Sinz, president, Europe; Manuel Moreno, president, US and Latin America; and Luis Prato, president, UK & MENA. Sinz, Moreno and Prato will continue to report to Hobbs.
Additionally, Defne Turkes, currently president, Asia Retail Markets, will be named chief operating officer, Liberty International Insurance, and will dual report to Hobbs and Sue Figueredo Cook, chief operating officer, Global Risk Solutions.
Mike Abdallah, who started the Asia-Pacific commercial insurance business of LSM 25 years ago, continues in his current leadership role.
“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,” said Hobbs.
“Matthew is well placed to oversee the next phase of our advancement in the region as we bring our Asia-Pacific strategy and business under one leader, enabling a local-first approach and maximising the company’s strongest and most differentiated capabilities.”
Hobbs continued: “We are able to rely on an exceptional leadership team in Asia Pacific. Defne has significant experience running complex operations functions and has extensive knowledge of the market. Mike has built a truly market-leading commercial business in Asia Pacific over the last two decades, based on a relentless focus on the needs of clients and broker partners in the region.”
Liberty Mutual Surety is making organisational changes in the US that will benefit its brokers and customers globally. As a result of this new operating model, Liberty Mutual Surety can better leverage its talent to provide surety customers worldwide with more product expertise and value-added services, said the insurer.
Tim Mikolajewski, president, Global Surety, will continue to lead these operations, reporting to Bhalla Johnson.
“As we lean into the success of our leading surety operation and continue the evolution into a global business, we’ve taken the opportunity to assess our model and focus on broadening our capabilities to the global surety market,” said Mikolajewski.