WR BERKLEY LAUNCHES LIFSON RE SIDECAR

US commercial/re/insurer WR Berkley has launched Lifson Re after raising $250m in equity for the business. The Connecticut-based group said the Bermudian reinsurance sidecar will participate alongside traditional reinsurers in a broad portfolio of property/casualty reinsurance treaties ceded by Berkley subsidiaries on a fully collateralised basis, commencing January 1. Berkley president and chief executive W Robert Berkley, said: “This venture is a significant step forward in allowing us to partner with knowledgeable third-party capital that has extensive experience in the insurance industry.” Berkley will be the sole source of risk ceded to Lifson Re, which is backed by “a small group of sophisticated global investors with long-term investment horizons”. Berkley itself took a minority position in the funding of the operation.