Liberty Mutual
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The market is characterised by rising prices and shrinking deal sizes as investors pick and choose over which bonds to back. -
The Liberty Mutual bond has priced at the top end of a range of 8.5%-9.25%.
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The bond will provide named storm and quake coverage in the US, Canada and the Caribbean.
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The target size of the issuance is less than half what the insurer achieved last June.
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The hydrogen industry is a key pillar of the energy transition, but securing insurance coverage is challenging.
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The firm also hired Aspen’s Crystal Ottaviano as global risk solutions chief risk officer.
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The Willis solution is designed to help companies access insurance as they transition to a low-carbon business model.
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It will look to raise between $240mn and $300mn from the bond which was initially marketed at the bottom end of this range.
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The deal adds to a $300mn bond issued by the insurer late last year.
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The former Syndicate 4472 active underwriter is to oversee LM Re’s global portfolio.
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The new recruit, a former senior Liberty Mutual executive, put his insurance start-up plans on ice last November.
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The size of the bond closed 50% higher than the initial $200mn marketed in early December.
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