Devonshire Underwriting, managing general agent (MGA) specializing in transaction risk (TR) underwriting, has appointed Liria Martinez-Salmon as managing director – head of Southern Europe.
The appointment is a key step in the company’s international growth and is its first hire outside the UK. Based in Madrid, Martinez Salmon will be responsible for Devon’s strategic development and underwriting activities across Southern Europe, with particular responsibility for Spain, France, Italy and Portugal.
Martinez-Salmon is a highly regarded professional in the transaction risk insurance market, with extensive experience in transaction advisory and underwriting in Southern Europe, particularly Spain, France and Italy.
She joins Devonshire from RiskPoint where she was head of Mediterranean M&A. During this time, she established a strong reputation for underwriting complex cross-border transactions and developing close working relationships with brokers, legal advisors and private equity sponsors throughout the region.
Devonshire UW Limited and its subsidiary Devonshire UW Europe GmbH have expanded their underwriting operations in Europe following approval from Lloyd’s of London in 2024. The firm already supports deals in Spain, France, Italy and Portugal, with Martinez-Salmon’s appointment marking a move to establish a permanent presence in southern Europe.
In Madrid, she will strengthen engagement with regional brokers and clients while increasing Devon’s insight into local transaction trends and underwriting practices.
Charles Turnham, partner at Devonshire Underwriting, commented: “Southern Europe has become one of the most exciting regions for M&A activity in recent years. Particularly in Spain, France and Italy, private equity investment continues to grow, cross-border investment continues to grow and demand for complex transaction risk solutions continues to grow.
“Liria’s appointment is an important step forward for Devon. Having someone of her caliber in Madrid means we don’t just support deals from afar – we are embedded in the market, close to the deal process and able to work with brokers and advisors in real time. Her experience, relationships and deep knowledge of the region make her the perfect person to lead our Southern European expansion.”
Martinez-Salmon added: “Devon has a strong reputation for its underwriting expertise and entrepreneurial thinking, and I’m delighted to be joining at a critical time in its growth.
“Southern Europe continues to generate strong and increasingly complex M&A activity, with a clear need for responsive, commercially savvy transaction risk underwriting. Being based in Madrid allows us to work more closely with brokers, sponsors and advisors in Spain, France, Italy and Portugal to support transactions with local insight, rapid decision-making and tailored solutions.”
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