Novae’s Zurich-based Credit and Surety team to transfer to Liberty Specialty Markets

10 September 2015

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, and Novae Group plc (Novae), the specialist listed Lloyd’s insurer, today announced that Novae’s Zurich-based Credit and Surety Reinsurance team is to transfer to LSM.

The three-strong team, led by Christoph Nienhaus (pictured above), will be based in Zurich. As part of the agreement, LSM will be able to offer renewals of the team’s portfolio. The book focuses on Europe, Latin America, Africa and Asia.

The move is part of LSM’s drive to build local expertise and strength in its key international markets; the so-called ‘hub strategy’ outlined by President and Managing Director Nick Metcalf earlier this year. It also allows the business to grow its capacity for writing specialty treaty reinsurance.

Peter Smith added: “Reinsurance is absolutely central to our business model and future development plans. The arrival of the Credit and Surety team from Novae allows us to make a real mark in Europe, Africa and Asia. It also supports the development of our Latin America hub for specialty reinsurance lines while giving the team an opportunity to develop within an underwriting organisation with reinsurance in its DNA. They will also be able to take advantage of our dual platform approach, writing business on both Lloyd’s and companies market paper.”

Robert Forster, Chief Underwriting Officer of Novae Group, commented: “We are pleased to have reached agreement for the transfer of our Credit & Surety reinsurance team to Liberty, consistent with our strategy of focusing on our specialty insurance classes. We wish Christoph and his team the very best for the future.”

For further information please contact:

Liberty Specialty Markets

Jo Williams
020 375 80640
07810 526029
jo.williams@libertyglobalgroup.com

FWD Consulting
Adrian Beeby
020 7623 2368 / 07879 403564
adrian.beeby@fwdconsulting.co.uk

Novae Group
Paul Riseborough
+44 (0)20 7903 7313
priseborough@novae.com

Haggie Partners
David Haggie/ Rebecca Young
+44 (0)20 7562 4444
david@haggie.co.uk/ Rebecca.young@haggie.co.uk