Liberty offers breakdown reinsurance

Liberty Mutual has launched a new source of reinsurance, equipment breakdown, for property and casualty insurers.

The company said that it sees great opportunity in equipment breakdown, both as a primary provider and reinsurer.

Mike Martin, executive vice president and general manager, Liberty Mutual’s national insurance property operation, said: “We can offer this product because of the experience we’ve gained over the last five years. Five years ago, we started offering equipment breakdown coverage to existing property clients, and quickly expanded to provide this coverage on commercial packages and monoline policies.

“Along the way, we developed the superior underwriting, claims, risk engineering and jurisdiction inspection expertise that we now make available through our new assumed reinsurance product.

“The new assumed reinsurance product gives primary insurers an effective way to meet the highly-specialised needs of certain policyholders, while continuing to focus on their core products and services.”