Liberty Specialty Markets (LSM) has promoted Andrew Beechey to head of underwriting and strategic development for global financial risks.

Beechey is currently LMS’ head of global financial risks for the Asia Pacific region, based in Singapore.

He will take up his new global role, which is a newly created position, in London on December 1 and report to Peter Sprent, head of global financial risks.

Beechey joined LSM, part of Liberty Mutual Insurance, in 2014 from Zurich, where he worked for nine years, most recently as deputy head of the London credit and political risk team. Prior to this, he spent 10 years in Marsh’s credit and political risk division.

In a statement, Sprent says the company’s global financial risks book has performed “extremely well” over the last few years and that the promotion of Beechey comes as part of the company’s strategy to expand the team.

“In this era of relatively volatile and unpredictable economic conditions, it’s clear there is significant demand for credit and political risk insurance from organisations that are active in the emerging and developed markets,” he says. “Andrew has done a fantastic job setting up global financial risks in Singapore and growing that business into a market leading position over the last few years. His exceptional skills and leadership qualities are well suited to this new global role and provides us with greater co-ordination of our underwriting capabilities around the world.”

It has not yet been revealed who will replace Beechey in Singapore, but LSM says further announcements will be made soon.