Corporate Profile
Liberty Specialty Markets Singapore Pte Limited (Liberty), a wholly-owned subsidiary of Liberty UK and Europe Holdings Limited, a company incorporated in the United Kingdom, is a licensed general insurer regulated by the Monetary Authority of Singapore (“MAS”). With a dedicated focus on specialist commercial risks, Liberty Singapore is differentiated by its multidisciplinary team of underwriters, risk engineers and claims professionals. Collectively, the Liberty Singapore team works side-by-side to understand the needs of our policyholders and create bespoke insurance solutions.
In June 2016, Liberty Singapore established a branch in Labuan (“Liberty Labuan Branch”). Liberty Labuan Branch is registered as a foreign Labuan company under the Labuan Companies Act 1990 and was licensed to carry on general insurance business by the Labuan Financial Services Authority on 22 August 2016.
Liberty Singapore is part of the Liberty Mutual Group Inc. (“LMG”). As a Fortune 100 company and one of the top ten property and casualty insurers in the world, LMG (through its subsidiaries and affiliates) operates across five continents and employs almost 40,000 employees in 28 countries throughout the world. For more information regarding LMG, please visit www.libertymutual.com.
Corporate Governance
Liberty Specialty Markets Singapore Pte. Limited (the “Company”) is regulated as a Tier 1 general insurer. The Company is guided in its corporate governance framework and practices by all applicable corporate governance regulatory regulations and guidelines. As an overview, the Company’s Board of Directors comprises 5 members, 3 of whom are independent directors. The Board Chair is an independent director, and the Board has separate individuals fulfilling the roles of Chair and CEO and has a clear division of responsibilities between the two. The Company has 5 Board sub-committees comprising:
a) Audit Committee (overseeing financial reporting and ensuring the adequacy of external and internal audit functions),
b) Risk Management Committee (overseeing the operation of an independent risk management system for managing risks on an enterprise-wide basis),
c) Remuneration Committee (overseeing the remuneration framework, ensuring alignment with prudent risk taking and long-term value creation),
d) Nominating Committee (ensuring robust governance through oversight of Board composition, director appointments, succession planning, and evaluation processes), and
e) Investment Committee (overseeing investment activities including the adequacy of risk management and internal control systems to support investment activities).
The Board and Board Sub-Committees have clearly documented Terms of Reference.
Risk Management
Liberty Singapore has established a sound and comprehensive risk management framework and ultimate responsibility for risk management is vested in the Board.
Liberty Singapore has:
- a clearly documented Risk Appetite Statement that sets out the company’s willingness to assume various levels of risk by reference to the key risks that arise in the operation of an insurance business; and
- a Risk Management Strategy documenting how Liberty Singapore designs, implements, monitors, reviews and continually improves risk management throughout the organisation.
The Board receives regular reporting from the Risk team to allow them to monitor the company’s compliance with its Risk Appetite and to ensure that the documented Risk Management Strategy is being implemented in an effective manner.
Liberty Singapore also has a capital management plan to ensure that its financial position stays within a prescribed range. The company’s Capital Adequacy Ratio is reported to the MAS in accordance with regulatory requirements.