London/Madrid, 10 March, 2026 – Devonshire Underwriting, the Managing General Agent (“MGA”) specialising in underwriting transactional risk (“TR”) solutions, is delighted to announce the appointment of Liria Martinez-Salmon as Managing Director – Head of Southern Europe, marking a significant milestone as the business makes its first overseas hire. Based in Madrid, Liria will lead Devonshire’s Southern European strategy and underwriting execution, with primary responsibility for Spain, France, Italy and Portugal.
Liria is widely recognised in the Transactional Risk market, bringing deep expertise across Spanish, French and Italian transactions in particular. She joins Devonshire from RiskPoint, where she most recently served as Head of M&A – Mediterranean, building a strong track record of underwriting complex cross-border deals and developing long-standing relationships with brokers, law firms and private equity sponsors across the region.
Devonshire UW Limited, and its affiliate Devonshire UW Europe GmbH (together, “Devonshire Underwriting”), expanded underwriting operations into the European market following approval from Lloyd’s in 2024. Devonshire Underwriting already underwrites transactions across Spain, France, Italy and Portugal and Liria’s appointment represents a strategic shift towards a permanent, in-market presence. Based in Madrid, she will enhance local responsiveness, strengthen broker and client relationships, and deepen the firm’s expertise in regional deal dynamics and underwriting practice.
Charles Turnham, Partner at Devonshire Underwriting, said: “Southern Europe has become one of the most exciting regions for M&A activity in recent years. Spain, France and Italy in particular are seeing sustained private equity interest, increasing cross-border investment and a growing need for sophisticated Transactional Risk solutions.
Liria’s appointment is a major step forward for Devonshire. Having someone of her calibre based in Madrid means we’re not just supporting deals from afar – we’re embedded in the market, close to the deal flow, and able to work alongside brokers and advisers in real time. Her experience, relationships and deep understanding of the region make her the perfect person to lead our Southern European expansion.”
Liria Martinez-Salmon, Managing Director – Head of Southern Europe, added: “Devonshire has built an impressive reputation for its underwriting expertise and entrepreneurial mindset, and I’m excited to be joining at such a pivotal moment in its growth.
Southern Europe continues to generate strong and increasingly complex M&A activity, and there is clear demand for responsive, commercially minded Transactional Risk underwriting. Being based in Madrid allows us to work much more closely with brokers, sponsors and advisers across Spain, France, Italy and Portugal – supporting transactions with local insight, quick decision-making and tailored solutions.”
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Notes to Editors:
About Devonshire
Devonshire is a Managing General Agent (“MGA”) specialising in underwriting transactional risk (“TR”) (or transactional liability) insurance products, operating in the UK and underwriting transactions in the UK, Europe, Middle East, Africa, Asia, South America, Central America, Australasia and beyond.
Devonshire was founded in 2024 by four experts in the TR underwriting sector, bringing together over 30 years of experience.
For more information please visit www.devonshire-underwriting.co.uk
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