Liberty Mutual has completed a new transaction using Limestone Re capital markets platform that provides nearly $150m of collateralized reinsurance capacity for its US property catastrophe program and US homeowners and global property reinsurance businesses.
The transaction is comprised of $58m of Bermuda Stock Exchange listed 2019-1 Notes issued by Limestone Re, a Bermuda domiciled segregated account company, with the remainder of the capacity provided via private placements.
Liberty Mutual Global Risk Solutions strategic business unit senior vice president and chief underwriting officer James Slaughter said: “The Limestone Re platform continues to be an integral component of Liberty Mutual’s strategy for accessing third-party capital.
“Liberty Mutual’s global reach makes us uniquely positioned to provide insurance-linked securities (ILS) investors diversified pools of risk while bringing them as close as possible to the underlying insurance risks.”
According to Liberty Mutual Vice President and ILS Director Arno Gartzke, the transaction successfully replaced the expiring Limestone Re 2016-1 placement.
Gartzke said: “Liberty Mutual remains committed to the ILS market and the continued support from our key partners, despite challenging market conditions, reaffirms the quality of risks which investors can access via Limestone Re.”
Source: Company Press Release