Liberty Legal Indemnities is a name featured on all our policies and one which, more often than not, is probably overlooked. However, behind that line is a long-standing relationship with our insurer, which has been a major factor in helping us to ‘oil the wheels’ of literally hundreds of thousands of conveyancing transactions over the years.
Liberty Legal Indemnities has underwritten policies provided by Countrywide since 1998, and this long-standing relationship with our insurer has been a major contributing factor in helping us continually enhance our service standards over the years.
Liberty has been the insurer behind Countrywide since 1998, and the mutual trust and respect that has developed over such a long period ensures that we remain the best legal indemnity provider in the market today. The strength of the relationship with our insurer, and the underwriting authority that goes hand in hand with that association, means that Countrywide handles literally hundreds of different types of legal indemnity enquiries every day, no matter how complex or diverse.
The service you receive from us isn't restricted to handling new and existing business though: we work closely with Liberty on claims too, particularly the more complex cases. Should one of your clients need to make a claim on their legal indemnity policy, they will have the benefit of dealing with our hugely experienced in-house claims team. Liaising throughout with our insurer, we operate to the high standards of service that you'd expect across our whole company.
Security ratings are particularly important in our market due to the majority of policies being provided indefinitely, and the large potential liabilities that are underwritten. Credit rating agencies provide ratings for a number of legal indemnity insurers. They base these on their opinion of the long-term sustainability of insurance contracts, taking into account the insurer’s capacity to pay claims now and in the future.
As part of Liberty Mutual Insurance Europe SE, our insurer Liberty Legal Indemnities has been assigned a rating of A (strong) by major credit rating agency Standard & Poor’s.
Our insurer, Liberty Mutual Insurance Europe SE (LMIE), is moving its registered office to enable it to continue operating in the UK and Europe after the UK has left the European Union on 29 March 2019 (known as Brexit). Your policy will remain unaffected but we are required by the Financial Conduct Authority (FCA) to inform you of the changes.
LMIE intends to transfer its corporate seat from the UK to Luxembourg with effect from 1 March 2019, in order to continue operating in Europe after Brexit. LMIE will continue to maintain a substantial presence via its existing offices in London, which will act as the UK branch and be permitted to carry on insurance business in the UK, and will be authorised and regulated by the FCA and the Prudential Regulation Authority (PRA).
Your UK issued policy will be unaffected. LMIE remains the same legal entity which means your existing contract of insurance will remain valid following the proposed transfer, and LMIE will continue to pay valid claims after Brexit. You will still have recourse to the UK Financial Services Compensation Scheme (FSCS) in relation to financial defaults (e.g. insurer insolvency); and to the UK Financial Ombudsman Service (FOS) for any complaints.
For full details, please go to https://www.libertyspecialtymarkets.com/brexit-strategy