Liberty Mutual

The Bermuda-listed component shrank by $8mn year on year, as the insurer said it expected overall alternative support to remain stable.

Nicholas Garside was previously senior vice president of property, having joined the firm in 2018.

The carrier has made refinements to the vehicle’s portfolio mix and the structure mix, Liberty Mutual told Trading Risk.

The target size shrank from 2018 after the insurer revised the renewing portfolio, with the Bermuda-listed component dropping by $143mn. 

Newer vehicles found it harder to get going as sidecar sponsors struggled to hit their fundraising targets in the January renewals.

The transaction replaces an expiring $160mn deal issued in 2016.

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.

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.

Private and public deals give the nearly $700mn total for on-risk Limestone funds.

The insurer has raised a further $278mn of capital for its Limestone Re sidecar.