Liberty Mutual strikes new $150m Limestone Re deal despite ‘challenging conditions’
US insurer Liberty Mutual has secured $150 million of collateralised reinsurance capacity through its Bermuda domiciled segregated account company Limestone Re.
The deal will provide collateralised reinsurance for Liberty Mutual's US property catastrophe programme and its US homeowners and global property reinsurance businesses.
The transaction is comprised of $58 million of Bermuda Stock Exchange listed 2019-1 Notes issued by Limestone Re, with the remainder of the capacity provided via private placements.
According to Arno Gartzke, vice president and director of ILS, Liberty Mutual, the transaction successfully replaced the expiring Limestone Re 2016-1 placement.
“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,” said Gartzke.
James Slaughter, chief underwriting officer of Liberty Mutual’s Global Risk Solutions strategic business unit, added: "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.”
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