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

Transaction Overview

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

Howden Tiger Capital Markets & Advisory Role

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