Liberty Mutual Sponsors $278mm Limestone 2018-1 Class A Notes

TigerRisk Capital Markets & Advisory (TCMA) acted as structuring & placement agent to Liberty Mutual

Transaction Overview

Liberty Mutual announced the issuance of $278mm 2018-1 Class A Notes by Limestone Re Ltd.

  • Latest transaction issued from Limestone Re, an integral part of the Liberty reinsurance strategy
  • Provides investors with 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 June 25, 2018; terms of the transaction were 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
  • Provides nearly $700mm of total collateralized capacity to Liberty Mutual following this issuance
  • Previously sponsored the innovative ~$160mm Limestone Re Ltd. 2016-1 Note offering
    • Included unique risks including U.S. Homeowners and London Market Specialty insurance

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 (TCMA) Role

TCMA acted as structuring and placement agent to Liberty Mutual Group

  • Provided advice through all stages of the process to drive an optimal outcome for Liberty
  • Integrated effort by TigerRisk’s capital markets, reinsurance, and analytics teams
  • Key transaction steps led by TigerRisk included:
    • Provided valuable advice on selecting and structuring the subject portfolio
    • Assisted with modeling the subject portfolio, including non-catastrophe exposures
    • Selected, introduced and arranged meetings with key participating investors
    • Offered key insight around key transaction terms and conditions