Liberty Mutual Places ~$240 million of Capacity from Capital Markets

Transaction Overview

Liberty Mutual announced the placement of ~$240 million of Capacity from Capital Markets Investors

  • Consists of $135 million 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
    • Global Property Reinsurance
  • Transaction closed on June 26, 2019; 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, 2018-1, and 2019-1 placements

Liberty Mutual is a leading diversified global insurer and reinsurer

  • Fifth largest global property and casualty insurer based on 2018 gross written premium
  • Presence in 30 countries and economies with 50,000 employees worldwide

TigerRisk Capital Markets & Advisory Role

TCMA acted as exclusive structuring and placement agent to Liberty Mutual Group

  • Provided advice through a challenging environment for Liberty Mutual
  • Integrated effort by TigerRisk’s capital markets, reinsurance, and analytics teams
  • Key transaction steps led by TigerRisk included:
    • Providing valuable advice on the selection and structuring of the final subject portfolio
    • Assisting with modeling the subject portfolio, including non-catastrophe exposures
    • Offering insight around key transaction terms and conditions