Liberty Specialty Markets (LSM), a division of global insurer and reinsurer Liberty Mutual Insurance, has announced the launch of a new project finance offering as part of its Global Financial Risks (GFR) suite of solutions.
Liberty’s GFR team, which is led by Senior Underwriter, Sam Wilde, has expanded its coverage to include credit insurance protection for large-scale energy and infrastructure projects. According to an announcement, the team has now bound its first project finance transaction, a UK-based renewables project.
LSM’s offering includes up to $50 million cover per transaction for a duration of up to 15 years. The offering benefits from over 30 years of project finance performance data, and shows potential for the GFR team to work alongside the company’s Construction and Energy teams.
Liberty’s Head of Global Financial Risks, Peter Sprent, said; “This is an exciting development for us. Large-scale project finance is a non-correlating, diversifying risk that enhances the GFR book of business.
“With huge growth in major renewables projects, even in the traditional oil-rich territories like the Middle East, we see considerable potential for this type of product. Feedback from our brokers has also demonstrated a clear appetite within the market for this LSM product.
“These are long-term projects with very lengthy lead times and the need for a holistic approach to underwriting. By combining data-driven analytics with our team’s in-depth experience, we believe we can provide considerable value to our core clients while supporting projects that make a positive impact on both mature and emerging economies.”
