On 1 November 2019 we intend to streamline the corporate holding and management structures of Liberty’s operations in Asia Pacific
In 2017 the Liberty Mutual Group acquired the Ironshore Group of companies. To streamline the corporate holding and management structures of Liberty’s operations in Singapore, we intend to transfer the general insurance and reinsurance business of Liberty Specialty Markets Bermuda Limited, Singapore Branch (formerly known as Ironshore Insurance Limited, Singapore Branch) (“LSM Bermuda”) to Liberty Specialty Markets Singapore Pte. Ltd (“LSM Singapore”).
The transfer will be carried out by way of a scheme of transfer pursuant to section 49FB of the Insurance Act (Cap 142) between LSM Bermuda and LSM Singapore (the "Scheme"). The Scheme has been approved by the Monetary Authority of Singapore and is also subject to the confirmation of the High Court of Singapore. Under the Scheme, save for certain excluded items as defined in the Scheme, all of the property, assets, rights and liabilities of LSM Bermuda, including but not limited to all existing contracts of general insurance and reinsurance business underwritten by LSM Bermuda, will be transferred to LSM Singapore, at 00:01 hours on 1 November 2019 (“Effective Date”) or such other date as the High Court of Singapore may allow.
After the transfer, LSM Singapore will replace LSM Bermuda as the insurer for the insurance policy(ies). All correspondence and documents sent to clients in relation to the insurance policy(ies) will bear the name Liberty Specialty Markets Singapore Pte Ltd after the Effective Date. The terms and conditions of these insurance policy(ies) will remain unchanged and the transfer will not affect the policy obligations and benefits that policy holders are entitled to. In respect of any premiums that are outstanding and/or payable after the Effective Date, they will be payable to “Liberty Specialty Markets Singapore Pte Ltd”.
We have prepared a Frequently Asked Questions guide to assist you with any queries that you may have in relation to the transfer. Copies of the Scheme and the Notice of Intention are also available for viewing.
Should you wish to view a hard copy of the Scheme, you are also welcome to visit us at our offices at One Raffles Quay, #37-02 North Tower, Singapore 048583 from 9 September 2019 to 24 September 2019 (weekends inclusive) between 9am and 5pm and our officers will be happy to assist you.
Please email email@example.com should you have any queries.