Liberty Mutual rejects Pembroke sale rumours

Liberty Mutual has publicly countered mounting speculation that it
will try to spin off $450mn-premium Lloyd's business Pembroke
after completing the $3.0bn acquisition of Ironshore.
There has been a resurgence of M&A activity around
Lloyd's recently, partially spurred by the frothy multiple
Argenta secured in its deal with Hannover Re last month, with
banking sources talking up the prospects of the managing agency
being sold in the coming months.
However, Dennis Langwell, Liberty Mutual CFO