Liberty expands in Italy

24 August 2016, LONDON – Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, today announced the expansion of its presence in Italy by agreeing to acquire the business, staff and assets of Wholesale Binding Authorities (WBA), an Italian Lloyd’s coverholder based in Milan.

The move significantly increases LSM’s reach and relevance in the Italian insurance market. As well as securing WBA’s book of business, the acquisition provides LSM with direct access to WBA’s distribution network and bespoke underwriting and claims platform.

WBA’s 24-person team will be integrated with LSM’s existing Milan-based team. Antonio Sacchi, currently CUO/COO at WBA, will become country manager for Italy, reporting to Olivier Muraire, LSM’s Southern European Regional Manager. Simone Cioffari, currently Chairman at WBA, will head up Business Development. Roberto Brivio will continue to manage the Professional and Financial Lines of the integrated business.

Completion of the transaction is expected by the end of September this year.

Matthew Moore, LSM’s Group Chief Underwriting Officer commented: “Expanding our business in Europe is a key part of our strategy. We are very excited about this opportunity and the growth potential it gives us. This acquisition gives us a well-established network in Italy based on strong business relationships and local knowledge. WBA targets small and medium-sized enterprises, which perfectly complements LSM’s existing Italian portfolio of large corporate risks, predominantly placed by major international brokers.  Over the next few months we will be working through the detailed transfer and integration of WBA’s staff and book of business.”

WBA’s book of business includes Property, Fine Art, Cargo, Personal Accident, Professional Indemnity and Public Officials. The business is distributed through agents and brokers in Italy.

For further information please contact:

Liberty Specialty Markets
Jo Williams
020 375 80640 / 07810 526029
jo.williams@libertyglobalgroup.com

FWD Consulting
Matthew Longbottom
020 7623 2368 / 07798 758 938
matthew.longbottom@fwdconsulting.co.uk