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(a)
TigerRisk Capital Markets & Advisory Role
TCMA acted as exclusive financial advisor to TAL; key transaction steps led by TCMA include:
- Assistance in valuation analysis
- Identification of potential acquirors
- Leading a focused auction process
- Assistance to TAL in negotiation of final transaction terms and conditions
- Providing objective advice and acting as a sounding board to the seller throughout the process
Further solidifies TCMA’s position as a leading advisor in MGA sell-side M&A
(a) As of the time of the transaction.
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