Noblr Surplus Note and Preferred Equity Issuance

Transaction Overview

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

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

New kind of car insurance aimed at creating friendlier roads by providing real-time competitive rates

  • Reciprocal exchange model, where customers are members who help drive the company’s direction
  • Highly personalized pricing model helps incentivize better driving and provide real risk-based pricing
  • Direct-to-consumer model provides a frictionless quote-to-claim experience

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

  • Proceeds utilized to capitalize Noblr Reciprocal Exchange’s initial surplus and support growth prospects
    • Recently launched in Colorado, its state of domicile, with expansion plans for more states this year

Noblr is supported by a group of top-tier companies including:

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

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

TigerRisk Capital Markets & Advisory Role

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

  • Placement agent in connection with Noblr Exchange surplus notes 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