Liberty Mutual Insurance is now offering property and casualty insurers a new source for reinsurance of equipment breakdown.
"We can offer this product because of the experience we’ve gained over the last five years," notes Mike Martin, executive vice president and general manager, Liberty Mutual’s National Insurance Property operation.
"Five years ago, we started offering equipment breakdown coverage to existing property clients, and quickly expanded to provide this coverage on commercial packages and monoline policies. Along the way, we developed the superior underwriting, claims, risk engineering and jurisdiction inspection expertise that we now make available through our new assumed reinsurance product."
Liberty Mutual provides equipment breakdown assumed reinsurance to insurers through treaties, programs and on a case-by-case basis. All programs are customized and seamlessly delivered to policyholders.
"We see a great opportunity in equipment breakdown, both as a primary provider and a reinsurer," notes Martin. "The new assumed reinsurance product gives primary insurers an effective way to meet the highly-specialized needs of certain policyholders, while continuing to focus on their core products and services."