Liberty Mutual
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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. -
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.
