Liberty Mutual Group Inc. today announced that it has commenced offers to exchange new senior notes due 2029 for three series of its outstanding notes: its 5.000% Senior Notes due 2021; its 4.950% Senior Notes due 2022; and its 4.250% Senior Notes due 2023.
Liberty Mutual completed a new transaction utilizing the Limestone Re capital markets platform that provides approximately $150 million of collateralized reinsurance capacity for its U.S. property catastrophe program, as well as its U.S. homeowners and global property reinsurance businesses.
Liberty Mutual Insurance announced today that it is undertaking a strategic review of its London-based Pembroke Managing Agency Limited, acquired through the lronshore purchase in May of 2017. The company has retained Evercore to serve as its adviser through the process.
Limestone Re Ltd., a Bermuda domiciled segregated account company, issued $278 million of participating notes to investors in a private placement transaction that provides collateralized reinsurance for Liberty Mutual's U.S. property catastrophe program, as well as its U.S. homeowners and global property reinsurance risk.
On May 1, 2018, Liberty Mutual closed on the sale of Liberty Life Assurance Company of Boston to Lincoln Financial Group. The transaction included reinsuring Liberty's Individual Life and Annuity business to Protective Life Insurance Company._
On January 19, 2018, Liberty Mutual Insurance announced the realignment of its businesses to enhance the company's ability to meet the changing needs of consumer and business customers.
Liberty Mutual Group has announced that it has entered into a definitive agreement to sell Liberty Life Assurance Company of Boston to Lincoln Financial Group (NYSE: LNC) for approximately $3.3 billion. Upon completion of the transaction, Lincoln Financial will retain Libertys Group Benefits business and reinsure Libertys Individual Life and Annuity business to Protective Life Insurance Company.
On May 1, 2017, Liberty Mutual Insurance announced it had completed its acquisition of 100 percent ownership interest in Ironshore Inc., a premier global specialty company, from Fosun International Limited following receipt of regulatory approvals and satisfaction of customary closing conditions. Liberty's purchase price equates to $2.935 billion and is subject to post-closing adjustments. Liberty Mutual announced a definitive agreement to acquire Ironshore on December 5, 2016.
As described in the press release dated December 19, 2016, and pursuant to the replacement capital covenant dated March 7, 2007 (the Covenant), a Redesignation Date (as defined in the Covenant) has occurred. LMGIs Series A Junior Subordinated Notes (the Series A Notes) became the Covered Debt (as defined in the Covenant) for the benefit of the holders of its Series B Junior Subordinated Notes (the Series B Notes) for purposes of the Covenant. The Series B Notes became the Covered Debt (as defined in the Covenant) for the benefit of the holders of the Series A Notes for purposes of the Covenant.
As a result of the repurchase of principal of LMGIs 10.75% Series C Junior Subordinated Notes, due 2088 (the Series C Notes) as described in the press release dated December 19, 2016, and pursuant to the replacement capital covenant dated March 7, 2007 (the Covenant), you are hereby notified that a Redesignation Date (as defined in the Covenant) occurred under the Covenant, and the Series C Notes ceased to be the Covered Debt (as defined in the Covenant) for purposes of the Covenant.