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16th of July 2018

Economy



Limestone Re in $278m ILS issuance | The Royal Gazette:Bermuda Re-Insurance

Published Jun 29, 2018 at 8:00 am (Updated Jun 28, 2018 at 9:33 pm)

Bermuda backing: Limestone Re is providing nearly $700 million of capacity for Liberty Mutual after its latest ILS issuance

Bermuda backing: Limestone Re is providing nearly $700 million of capacity for Liberty Mutual after its latest ILS issuance

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Bermudian-based Limestone Re Ltd is providing nearly $700 million of capacity to US insurance giant Liberty Mutual.

Limestone this week announced an issuance of $278 million in notes purchased by insurance-linked securities investors — the latest in a series of transactions for the segregated account company.

Liberty, which owns Bermudian-based insurer Ironshore, said the private placement transaction would provide collateralised reinsurance for Liberty’s US property catastrophe programme, as well as its US homeowners and global property reinsurance risk.

“Reinsurance through the Limestone Re platform forms an integral component of Liberty Mutual’s long-term strategy for accessing third-party capital,” James Slaughter, senior vice-president and chief underwriting officer of Liberty Mutual’s Global Risk Solutions strategic business unit, said.

“Liberty Mutual is able to leverage our global distribution platform to provide, through reinsurance with the Limestone Re platform, insurance-linked securities (ILS) investors diversified pools of risk while concurrently bringing investors as close as possible to the underlying insurance risks.

“This latest transaction brings the total Limestone reinsurance collateralised capacity placed with ILS investors to nearly $700 million, demonstrating our commitment to the ILS market.”

Investors positively responded to the Limestone Re offering, according to Matthew Moore, president, Liberty Specialty Markets, Liberty Mutual.

“We’re pleased with the overwhelmingly positive market reception and look to continue to broaden our partnerships with ILS investors through future transactions,” Mr Moore said.

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