Joint Structuring Agent and Joint Bookrunner to Liberty Mutual sponsored Mystic Re Ltd. Series 2023-1 Class A Notes

On December 22, 2022, Liberty Mutual Group (“Liberty Mutual ”) closed a 144A CAT Bond through Mystic Re Ltd.

• 144A CAT Bond issuance
• Initially announced at $125 million and then upsized to $150 million
• Bermuda special-purpose insurer providing reinsurance protection to Liberty Mutual

$150 million 2023-1 Class A Notes provided per occurrence, indemnity-triggered coverage

• Three-year risk period
• Perils include US, Canada, Caribbean named storm & earthquake
• AIR expected loss: 1.90% (WSST)
• Final investor spread: 9.25%

Successfully upsized 20% to $150 million from the initial $125 million target, while pricing within initial guidance

HTCMA acted as Joint Structuring Agent and Joint Bookrunner

• Outlined a variety of new structural features and developed a leading marketing plan to support favorable execution
• Identified a variety of institutional investors interested in supporting Liberty Mutual through this transaction
• Assisted in all aspects of the structuring and placement including, but not limited to:
  • Structuring and coordination with legal counsel and other service providers
  • Finalizing investor presentation, risk analysis results, and offering documents
  • Investor discussions and marketing process