Liberty Mutual Sponsored Limestone Re Ltd. Series 2020-1 Notes

Liberty Mutual announced the issuance of Limestone Re Ltd. Series 2020-1 notes

• Included $50mm of Class A and B Participating Notes listed on the Bermuda Stock Exchange
• Provided investors access to a diversified range of risks originated by Liberty Mutual:
  • U.S. Property Catastrophe Reinsurance
  • Homeowners Quota Share
  • Global Property Reinsurance
• Transaction closed on December 30, 2019; transaction terms remained 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, 2018-1, 2019-1 and 2019-2 transactions

Liberty Mutual is a leading diversified global insurer and reinsurer

• Third largest property and casualty insurer in the U.S. based on 2018 direct written premium
• Presence in 30 countries and economies with 50,000 employees

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