Now Montana and the Cayman Islands have something in common: Liberty Mutual Alternative Markets. Over the summer, Liberty Mutual gained approval to establish Liberty Mutual Management (Cayman) Ltd and authorization to manage captives in Montana.
With the establishment of its newest off-shore captive management operation, Liberty Mutual Alternative Markets now holds licenses in five domiciles: Bermuda, Vermont, South Carolina, Montana and Cayman. Like South Carolina, the company targeted Cayman for its healthcare expertise, which complements Liberty Mutual’s growing suite of healthcare products such as structured liability programs for nursing homes.
Back on-shore, Liberty Mutual Alternative Markets continued expanding its domestic presence with captive management authorization from Montana. A rapidly growing captive market, Montana’s reputation is in professional liability such as medical malpractice, lawyers, accountants and engineers – an area where Liberty Mutual wishes to increase business.
“Our goal is to provide service to clients in their domicile of choice,” said Peter J. Willitts, president of Liberty Mutual Management Services. “To do this, we need to keep expanding. Some clients, like those in the Midwest, want captives close to home in a flexible domicile while others prefer an off-shore environment. We are responding to that market demand.”
Brokers and clients interested in the company’s Cayman operations can contact Joe DaSilveira at 441-296-7740. Those interested in Montana can contact Chris Ridge at 843-375-2020.
Boston-based Liberty Mutual Group (LMG) is a global insurer and sixth largest property and casualty insurer in the U.S.
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