W. R. Berkley Corp. announced the formation of Lifson Re Ltd., a special purpose reinsurer registered in Bermuda and licensed by the Bermuda Monetary Authority.
Lifson Re has been capitalized with more than $250 million of equity from a small group of global investors with long-term investment horizons, including a minority participation by W. R. Berkley Corp.
The new company will participate alongside traditional reinsurers in a broad portfolio of property and casualty reinsurance treaties ceded by W. R. Berkley Corp.’s subsidiaries on a fully collateralized basis beginning Jan. 1, 2021. Lifson Re’s assets will be managed by an affiliate of Greenwich, Conn.-based W. R. Berkley Corp.
“The creation of Lifson Re is part of an important strategic initiative to efficiently manage our risk and capital. This venture is a significant step forward in allowing us to partner with knowledgeable third-party capital that has extensive experience in the insurance industry,” commented W. Robert Berkley Jr., president and chief executive officer of W. R. Berkley Corp.
“Over the past several years, we have considered a variety of opportunities to partner with alternative capital sources. Lifson Re is a natural fit with our business and complements our strong, long-standing relationships with traditional reinsurance partners,” he added.
“Through a unique long-term arrangement, Berkley will be the sole source of risk ceded to Lifson Re, providing Lifson Re’s investors with access to an attractive, specialized and diverse book of insurance risk.”
Source: W. R. Berkley Corp.
Topics Reinsurance
Was this article valuable?
Here are more articles you may enjoy.
Seven People Charged in $100M Workers’ Compensation Fraud Operation in Florida 
General Contractor Found Not Liable for Subcontractor Employee’s Injury 
Rhine River Shipping Stalls as Water Level Hits Record Low 
Should Parents Be Responsible for Kids Getting Hurt and Killed on E-Bikes? 
