With the energy market continuing to expand, particularly with the take-up of renewable energy, Liberty Specialty Markets, part of Liberty Mutual Insurance, has decided to launch a new project finance offering.

Part of its Global Financial Risks (GFR) product range, the coverage has been expanded to include credit insurance for large-scale energy and infrastructure projects and is to be headed up by senior underwriter Sam Wilde.

According to a release, LSM will be offering cover up to $50 million for up to 15 years with the GFR team working closely with its construction and energy teams that have deep knowledge of the risks associated with underlying projects.

“This is an exciting development for us. Large-scale project finance is a non-correlating, diversifying risk that enhances the GFR book of business,” commented Peter Sprent (pictured), Liberty’s head of global financial risks. “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.”

The firm has already bound its first project finance transaction based on a UK renewable energy project.


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