13 November 2017Insurance

LSM plans to enhance presence in LatAm as competitors leave

There are no plans for Liberty Specialty Markets (LSM) to withdraw from any of the Latin American territories in which it works, unlike some of its competitors which “are revising their strategy by exiting markets or closing representative offices”.

The company is also prepared to enhance its presence in the major markets, in terms of premium volume and profitability, according to Miguel Martinez, head of business development for reinsurance for LSM.

“We believe in long term commitment and are showing this through the continuation of our operations in the region and the increased investment we are making.”

On the re/insurance market, Martinez added: “Latin America is a massive, cultural, economic and politically diversified region. This diversity also applies to the re/insurance markets with different exposures and classes according to territory.”

And while some large insurers are revising their strategy, smaller more specialised players have shown increased interest in the region, according to the business development head.

“When the Brazilian market opened, for instance, there was extreme competition but that has subsequently slowed due to poor results over the years and consolidation in the industry,” he explained.

LSM has been present in Latin America for several years, with offices in Colombia and Brazil.

Martinez explained that since the company opened its office in Brazil, the economic conditions in the region have undergone a lot of change.

“The re/insurance market has been under pressure with decreasing terms and conditions and some consolidation in the markets,” he explained.

In Brazil and Colombia, LSM is investing in additional resources to enhance its operations and has revised its risk appetite and internal underwriting processes.

In September, LSM created a new regional manager role in Latin America, aligning its treaty reinsurance operations across all territories. The regional manager, José Ernesto Ospina, is based in Colombia.

“Having a local highly qualified and experienced presence greatly increases our understanding of our clients and allows us to provide the service, knowledge and expertise they need,” concluded Martinez.

Sign up to our free email newsletters

More storeis from the FIDES Day One Newsletter

Without regulatory pressure reinsurance comes down to price

Digital transformation offers great opportunities in LatAm

Focused, stronger, optimistic

A bright outlook for LatAm despite risks

The fallout from Lava Jato

Navigating the post-HIMM pricing structure: XL Catlin

Capacity and creative contracts can close protection gap

Alternative capital keeps growing

Former Lloyd’s Mexico manager outlines tech benefits

How some reinsurers stand apart

TMK ready to take advantage of recovering Brazil

Political situation and new players pose challenges

A mixed economic outlook

RTS efforts crucial in saving hundreds of millions in Guatapé

LatAm and an evolving marine market

Success factors in disability scheme management: lessons for LatAm

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
27 November 2017   Liberty Specialty Markets (LSM), a part of Liberty Mutual Insurance, has appointed Bas Wijnhoven to the new role of senior underwriter – directors and officers (D&O) and crime for the Netherlands.
Insurance
22 November 2017   Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance, has promoted Andrew Beechey to the new role of head of underwriting and strategic development for global financial risks.
Insurance
15 November 2017   Liberty Specialty Markets (LSM), a part of Liberty Mutual Insurance, has launched a new project finance insurance offering as part of its global financial risks (GFR) product range.