Liberty Mutual
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It is understood around $1bn of premiums could be ceded to the proposed vehicle. -
Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure.
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Insurers have paid $6.9bn in Southern California wildfire claims in the first four weeks of recovery.
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The bond is targeting $225mn of limit across the Class A and Class B notes.
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Liberty Mutual expects $550mn in Helene losses versus Milton’s $250mn-$350mn.
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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.
