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Conyers advised Limestone Re Ltd. on its issuance of US$278 million of Class A notes. The issuance provided collateralized reinsurance for Liberty Mutual’s US property catastrophe programme as well as its US homeowners and global property reinsurance risk. The notes are listed on the Bermuda Stock Exchange and are due 1 March 2022.
Liberty Mutual is the third largest property and casualty insurer based on direct premiums written and holds US$38.4 billion in annual consolidated revenue as of 31 December 2017.
Director Michael Frith and Associate Jacqueline King of Conyers’ Bermuda office advised on the matter alongside Willkie Farr & Gallagher LLP.