Liberty Mutual Placed ~$150mm of Collateralized Capacity

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

• Consists of $58mm BSX-listed notes and the remainder in private placements
• Provided 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 remain 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

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

(a) As of the time of the transaction.