Noblr Reciprocal Exchange Surplus Note and Noblr, Inc. Preferred Equity Issuance

Transaction Overview

Noblr, Inc. (“Noblr”) recently formed The Noblr Reciprocal Exchange (“Noblr Exchange”)

  • Noblr, Inc. is a telematics-specific, behavior-based, full-stack insurance company
  • Noblr Exchange is a reciprocal insurance exchange building a community of responsible drivers
  • Noblr Risk Management, the attorney-in-fact, will manage Noblr Exchange’s operations

Noblr is supported by a group of world class investors including:

  • Hudson Structured Capital Management, White Mountains Insurance Group and Third Point Re

The Noblr Reciprocal Exchange has been initially capitalized with $20mm of surplus notes

  • Proceeds utilized to capitalize Noblr Exchange’s initial surplus and to support growth prospects

Noblr’s management team is led by Co-Founder and CEO Gary Tolman

  • Built Esurance from start-up to premier direct-to-consumer insurer with over $1.6bn of DPW

Noblr is a telematics-specific personal auto insurer focused on the preferred and standard market

  • Smartphone-centric, usage-based auto insurance product that does not currently exist in the market
  • Optimizes data and unique algorithms to offer real risk-based pricing retroactively billed
  • Direct-to-consumer model provides a seamless quote-to-claim experience

TigerRisk Capital Markets & Advisory Role

TCMA acted as transaction advisor and placement agent to Noblr, Inc.

  • Placement agent in connection with Noblr Exchange surplus note and Noblr preferred equity issuance
  • Offered pivotal transactional advice and process guidance throughout the transaction
  • Key transaction steps led by TCMA included:
    • Managing the preparation of financial packages and presentations for potential investors
    • Marketing the transaction to potential investors and optimizing a highly competitive process
    • Offering insights around surplus note offering transaction terms and conditions
    • Advising and assisting in the negotiation of final transaction terms

Transaction solidifies TCMA as the market leader in reciprocal exchange structures

  • Transaction Advisor and Placement Agent in the formation of Vault Reciprocal Exchange in 2017