Liberty Mutual Reinsurance enters the Australian market

Liberty Mutual Reinsurance (LM Re), a subsidiary of Liberty Mutual Insurance Group, has made a move to enter the Australian market.

Liberty Mutual Reinsurance (LM Re), a subsidiary of Liberty Mutual Insurance Group, has made a move to enter the Australian market. From October 2024, Aon’s Mark De La Mare will head an underwriting team for LM Re based in Sydney.

LM Re’s Australian arm is set to replace ARUS MGA, that was previously responsible for managing its Australasia portfolio and was written through Lloyd’s. According to a media statement, the new Sydney team will “continue the build out of Liberty’s existing business in Australia.”

With more than 15 years of reinsurance experience, De La Mare joins LM Re from Aon as the Head of Australia and New Zealand. He will be reporting to James Green, Head of Property, London and John McCabe, Chief Operating Officer, Asia Pacific. His “broad skill set” gives him a “unique perspective” to help drive LM Re’s objectives in the region.

“We are very pleased indeed to welcome Mark to LM Re to develop and strengthen the local reinsurance presence we have built in the region. Mark’s deep industry knowledge and experience will be invaluable as we strengthen our operations in Australia and New Zealand,” said Green Head of Property, London at LM Re.

“We also extend our sincere gratitude to John Bubb and Richard Wareham for their 14 years of exceptional service at ARUS and contributions to our business,” Green added.

The establishment of LM Re’s Australia and New Zealand presence aligns with the company’s goal to provide “direct and customised reinsurance solutions” for its key markets.