Liberty Mutual announces $2.8bn property cat occurrence reinsurance, $500m aggregate limit

Insurer Liberty Mutual has $2.8 billion of property catastrophe occurrence reinsurance limit excess a $1 billion retention, with one reinstatement, for its domestic business as of January 1st, 2025, alongside some aggregate coverage, the company has announced.

Liberty has disclosed its reinsurance coverage for its domestic business as of January 1 in light of recent and ongoing events, which we suspect refers to the Los Angeles wildfires.

Of the $2.8 billion of occurrence limit, the firm explains that the initial $1.5 billion is available on an All Perils basis.

Additionally, the insurer also purchased an aggregate property catastrophe program this year, which protects the company against frequency and severity of loss.

The aggregate reinsurance protection provides Liberty with $500 million of protection excess of a $2.4 billion retention, with a $100 million per-event deductible.

It’s worth highlighting that currently, Liberty also has $775 million of reinsurance in-force that comes from the capital markets via its Mystic Re catastrophe bonds.

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