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Conyers acted for Liberty Mutual in connection with its latest reinsurance sidecar transaction through its Bermuda company, Limestone Re. Limestone Re will provide collateralised third-party reinsurance capacity for Liberty Mutual’s US property catastrophe programme, as well as its US homeowners and global property reinsurance business.
The deal is comprised of US$58 million of Bermuda Stock Exchange listed 2019-1 Notes issued by Limestone Re, with the rest of the capacity provided through private placements.
Associates Jacqueline King and Katie Martin of Conyers’ Bermuda office advised on the matter working alongside Willkie Farr & Gallagher LLP.