Liberty Syndicates Installs Agriculture, Weather Risk Team in Paris

Liberty Syndicates Management Ltd. said it is entering the agricultural and weather reinsurance market with the hiring of a team of specialist underwriters who will work from its Paris office.

Jean-Christophe Garaix, as class underwriter, will head the line of business, said Liberty Syndicates, a member of Liberty Mutual Group. Garaix had been a underwriter with Paris Re in aviation, agribusiness and weather lines.

The team will underwrite agricultural and weather reinsurance programs worldwide, including North America, Latin America and Asia.

"The addition of agriculture reinsurance to our aviation, trade credit and political risk insurance reinsurance business enhances our offering and increases our position as a must-see market," said Nick Metcalf, chief executive of Liberty Syndicates, in a statement.

Chief Underwriting Officer Matthew Moore added in a statement that both agricultural and weather reinsurance markets are "taking hold in developing economies," suggesting good growth opportunities.

Liberty Syndicates, which describes itself as one of the first corporate vehicles at Lloyd's, is backed by Liberty Corporate Capital Ltd. It manages Lloyd's Syndicate 190 for the 1995 account and Syndicate 282 for the 1996 account. The two syndicates were merged to create Syndicate 4472, which began underwriting in January 2005.

The combined capacity of Syndicate 4472 is 910 million pounds (1.05 billion euros) in 2010.

Lloyd's and Liberty Mutual Insurance Cos. each currently has a Best's Financial Strength Rating of A (Excellent).

(By David Pilla, international editor, BestWeek: [email protected])