Liberty Mutual
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Pricing has settled at 12% on Liberty Mutual’s cat bond Mystic Re, the lower edge of updated guidance, as it upsized to $300mn.
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The US mutual cut back its 1.1 reinsurance program, according to sources.
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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.
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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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The updated spread implies a slightly lower multiple on the retro quake notes.
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The new retro notes would cover US named storms and US and Canada earthquakes.
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The two tranches of notes will expire in October 2024.
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Scott Mackie reports to property treaty SVP Richard Mairano.
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The division’s current North America CUO David Perez will take on the global risk solutions CUO title as James Slaughter steps down.
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CEO David Long said he expects the greatest impact of Covid-19 to be on the group’s investment portfolio.
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The Bermuda-listed component shrank by $8mn year on year, as the insurer said it expected overall alternative support to remain stable.
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Nicholas Garside was previously senior vice president of property, having joined the firm in 2018.
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The carrier has made refinements to the vehicle’s portfolio mix and the structure mix, Liberty Mutual told Trading Risk.
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The target size shrank from 2018 after the insurer revised the renewing portfolio, with the Bermuda-listed component dropping by $143mn.
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Newer vehicles found it harder to get going as sidecar sponsors struggled to hit their fundraising targets in the January renewals.
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The transaction replaces an expiring $160mn deal issued in 2016.
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USAA is among the top 10 carriers with exposure to the loss and has already eroded aggregate deductibles for the current year of cover after this year’s hurricane season.
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The carrier is now the top-ranking insurer among sidecar sponsors Liberty Mutual’s Limestone Re vehicle is now the third-largest quota-share reinsurance sidecar vehicle on the market, based on Trading Risk records, as its total capacity reached $700mn.
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Private and public deals give the nearly $700mn total for on-risk Limestone funds.
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The insurer has raised a further $278mn of capital for its Limestone Re sidecar.
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