Liberty Specialty Markets (LSM) has launched a new project finance offering as part of its Global Financial Risks (GFR) product range.
The GFR team has expanded its coverage to include credit insurance for large-scale energy and infrastructure projects. Led by Sam Wilde, senior underwriter, the team has now bound its first project finance transaction, a UK-based renewables project.
As part of the new offering, LSM will provide up to US$50m cover per transaction for up to 15 years duration.
“The team has developed a strong analytics-driven underwriting strategy, benefiting from access to over 30 years of project finance performance data,” says a release issued by the company.
The product provides the potential for the GFR team to work in tandem with LSM’s construction and energy teams on the same projects, while underwriting different risks.
“This is an exciting development for us. Large-scale project finance is a non-correlating, diversifying risk that enhances the GFR book of business,” says Peter Sprent, 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.”