NU Online News Service, Nov. 9, 3:41 p.m. EST
Liberty International Underwriters is "not trying to time the market" with the opening of an excess and surplus property operation on the West Coast, said Michael Carr, senior vice president of LIU E&S property.
The move is part of LIU's overall business plan, Carr added, and is based on the "ability to attract the right people to execute our plan."
Nevertheless, timely opportunities exist as companies continuously evaluate exposures. Following a period of heavy catastrophe losses—coupled with the flux caused by new catastrophe models—many companies are looking to "right-size their books of business," Carr explained.
This right-sizing typically sends more business into the E&S space and LIU, the global specialty lines division of Liberty Mutual Group, is looking to become an option West Coast wholesale brokers.
"We are looking to capitalize on our brand, bring our experienced underwriters to the region, and provide a nimble, flexible business model that is able to write a broad book of business," Carr said.
LIU's focus has been in the east and southeast regions since it launched its E&S property product late in 2010.
Thirty-five-year insurance veteran Chet Simmons has been named regional manager for the West Coast operation in Los Angeles.
The LIU property product provides all-risk, named windstorm, difference in condition, flood and earthquake coverage for large to mid-sized property portfolio risk with capacity up to $25 million in catastrophe-exposed areas.
Other than property business, LIU has already developed a presence on West Coast underwriting primary and excess casualty, environmental, energy, management and professional liability, global crisis management and construction risks.
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