Liberty Mutual Places $150 million of Collateralized Capacity

Transaction Overview

Liberty Mutual announced the placement of ~$150mm of collateralized reinsurance capacity

  • Consists of $58mm BSX-listed notes and the remainder in private placements
  • Provides investors access to a diversified range of risks originated by Liberty Mutual:
    • U.S. Property Catastrophe Reinsurance
    • U.S. Homeowners Insurance
    • Global Property Reinsurance
  • Transaction closed on December 28, 2018; transaction terms remained undisclosed

Limestone Re Ltd. is a special purpose Bermuda-domiciled segregated accounts company

  • Formed by Liberty Mutual in December 2016 to allow investors to efficiently access risk
  • Previously sponsored the Limestone 2016-1 and Limestone 2018-1 transactions

Liberty Mutual is a leading diversified global insurer and reinsurer

  • Third largest property and casualty insurer in the U.S. based on 2017 direct written premium
  • Presence in 30 countries and economies with 50,000 employees in over 800 offices worldwide

TigerRisk Capital Markets & Advisory Role

TCMA is acting as exclusive financial advisor to TAL; key transaction steps led by TCMA include:

  • Assistance in valuation analysis
  • Identification of potential acquirors
  • Leading a focused auction process
  • Assistance to TAL in negotiation of final transaction terms and conditions
  • Providing objective advice and acting as a sounding board to the seller throughout the process

Further solidifies TCMA’s position as a leading advisor in MGA sell-side M&A