Third cat bond of the year was larger than expected
US insurer Liberty Mutual has sold a $225m catastrophe bond, Reuters reports. This was increased from the planned $200m.
The three-year deal, issued via special purpose vehicle Mystic Re II, was placed privately with institutional investors. It takes year-to-date supply in the sector to $575m.
Arranged and structured by Goldman Sachs and Swiss Re, the bond pays a coupon of 12 percentage points over three-month Libor. The deal is expected to settle on Friday.
Liberty Syndicates in London announced three appointments:
- David Sankey as its marine liability underwriter
- Mike Burle as class underwriter for terrorism, specie and fine art
- Thomas White as the underwriter for global financial risks
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