Liberty Syndicates (Liberty Syndicate Management Limited), part of Liberty Mutual Insurance Group, has opened an office in Bogota following the granting of its Admitted Reinsurer Licence for a representative office in Colombia as of 18 May 2012.
Liberty Syndicates is the first Lloyd’s vehicle to be granted a licence in Colombia in its own right. The new Syndicates office in Bogota joins Liberty Mutual Insurance’s existing operation, Liberty Seguros, which has operated in Colombia since 1997, and is now the second largest property and casualty company in the country.
The Liberty Syndicates office will be headed up by Jose-Ernesto Ospina, a well-respected market figure with 30 years’ market experience. Initially the office will focus on the production of Treaty Property, Motor Reinsurance, Treaty Casualty and Marine Reinsurance business, with support services being provided by Liberty Syndicates’ existing Brazilian offices with underwriting oversight coming from London.
A major driver behind Liberty Syndicates’ decision to open a representative office in Colombia is the growing economy allied to a more stable political climate. Significant foreign investment (and a major infrastructure development programme over the next ten years along with a steady influx of multinational companies will continue to create opportunities in the country.
Liberty Syndicates’ Chief Underwriting Officer Matthew Moore said: “Colombia represents a very exciting opportunity for Liberty Syndicates. Alongside our core Treaty lines we look forward to offering Speciality products such as Agriculture, Terrorism and Contingency. As a mature and well developed (re)insurance market we look forward to building long term relationships with a number of local cedants.”
Chief Executive Officer Nick Metcalf said: “This new office represents a significant development in Liberty Syndicates’ capabilities in Latin America. Colombia is making hugely impressive strides in the global markets and its strong economy and more stable political environment. only enhances its potential.”
