LM Re and Safehub launch exclusive partnership
Liberty Mutual Reinsurance (LM Re), part of Liberty Mutual Insurance Group, has today announced an exclusive partnership with Safehub, a technology provider in seismic sensor and risk management solutions to offer a market-first, building-specific, sensor-based, parametric earthquake (re)insurance product to clients globally.
Building upon the success of a pilot programme in Mexico City, where the sensor-based solution has already been rolled-out for 23 strategic locations to facilitate rapid and accurate payouts to policyholders, LM Re and Safehub are expanding its reach to offer the solution to clients worldwide.
Safehub’s seismic sensor technology captures building-specific real-time data at the policyholder’s building location(s) to trigger parametric (re)insurance policies. The policies are bespoke, offering coverage for specific earthquake event triggers.
Unlike other parametric products, which rely on general estimates from public agencies this sensor-based solution offers increased accuracy in assessing earthquake impacts at the building site and therefore reduces the basis risk associated with determining payouts. The parametric product expedites the claims process and policyholders benefit from quicker access to indemnification in the event of an earthquake. Furthermore, policyholders will receive near real-time alerts and rapid damage assessments to facilitate emergency response and business recovery efforts.
Jean-Christophe Garaix, Head of Agriculture and Parametrics at LM Re, said: “We are delighted to partner with Safehub to provide our clients with sensor-based parametric earthquake coverage, offering unparalleled protection in earthquake-prone regions.
“This partnership underscores our dedication to delivering innovative (re)insurance solutions that address the evolving needs of our customers. Our goal is to provide policyholders with a comprehensive solution, offering quicker access to indemnification in the face of seismic events.”
Andy Thompson, CEO of Safehub, said: “We are excited to announce our exclusive partnership with LM Re. Earthquake damage is site-specific, with neighbouring buildings potentially experiencing vastly different levels of ground shaking. With this partnership, clients gain access to building-specific data, enabling a more precise alignment of (re)insurance payouts with losses, while also supporting emergency response efforts.”
Liberty Mutual Re promotes Juan Felipe Londoño to General Manager Colombia
Liberty Mutual Re (LM Re), part of Liberty Mutual Insurance Group, has promoted Juan Felipe Londoño to the position of General Manager Colombia, with responsibility for the Andean Region and Panama, reporting to Miguel Martinez-Alvarez, Head of Business Development & Latin America. Juan Felipe’s promotion takes effect immediately.
Before his promotion Juan Felipe was Northern Latin America Treaty Underwriting Manager in Bogota a position he held since 2017. He was responsible for managing LMRe’s client portfolio and growing their footprint in the region. Prior to joining Liberty, he held various senior positions at JLT Re and Swiss Re, including P&C and L&H Treaties Vice President for the Andean Region at the latter.
Commenting on the promotion, Miguel Martinez-Alvarez said: “I’m delighted that Juan Felipe has accepted the promotion to lead Liberty Mutual Re’s operation in Colombia. I am confident that he will lead the team to continue to deliver the seamless, world-class service and support to clients and brokers that they have come to expect in the region”.
The Latin America team will be reorganized as follows: Miguel Martínez-Alvarez will continue heading the region, operating out of the Cologne and Madrid offices and the general managers from the offices in Latin America will report to him directly.
Rosa Flores and Fabiano Salvatori will continue in their positions as General Managers of the Mexico and Brazil offices respectively, servicing the Mexico & Central America and the Brazil & South Cone regions.Juan Felipe Londoño replaces Jose Ernesto Ospina who left the company by mutual agreement to pursue personal endeavours. We would like to thank Mr. Ospina for his commitment to Liberty and wish him good luck for the future.
Liberty Mutual Re opens new office in Singapore and appoints Annie Leong
LONDON – Liberty Mutual Re (LM Re), part of Liberty Mutual Insurance Group, announced today the opening of a new office in Singapore and the appointment of Annie Leong as the Regional Underwriting Manager for LM Re in Asia Pacific.
Dieter Winkel, President of Liberty Mutual Re commented: “As LM Re continues to build out its global underwriting platform, we have taken the decision to establish a formal presence in Singapore to better serve and support our broker partners and clients across Asia Pacific and focus on developing emerging market opportunities across the region.”
“For many years, we have participated in this market as a treaty reinsurer of Property, Casualty and Specialty lines. The portfolio has been driven by the underwriting teams in our existing offices and platforms across the UK and Europe. This is the right time to establish ourselves locally in the region and I am looking forward to working with Annie who brings a wealth of experience in Property, Specialty and Casualty treaty reinsurance lines across Asia Pacific.”
Annie joins LM Re with immediate effect and will report locally into Matthew Jackson, Senior Vice President & Asia Leader and Peter Smith, Executive Underwriting Officer at Liberty Specialty Markets in London. Annie will focus on building the franchise locally and be central to Liberty’s Asia Pacific portfolio as a whole. LM Re will be operating with a full treaty reinsurance license as part of the LSM Asia Pacific office in Singapore and will have local underwriting authority.
Annie was previously at Aspen Re where she was a Senior Underwriter focusing on Specialty Lines for the Asia Pacific region. Prior to that she worked for Kiln in Singapore.