Sovcombank, Russia’s third-largest privately owned bank, and Liberty Mutual Group, the fifth-largest global property and casualty insurer, announced today that they have entered into a definitive agreement whereby Sovcombank will acquire Liberty Insurance PJSC, a Russian subsidiary of Liberty Mutual.
Liberty Mutual Insurance today announced long-time company leader Francis Hyatt as the organization’s first Chief Sustainability Officer. Hyatt will further enhance the organization’s ongoing focus on significant environmental, social and governance (ESG) issues, and lead the company’s Office of Sustainability.
Liberty Mutual Insurance completed the acquisition of the business and operations of Nationale Borg, Nationale Borg Reinsurance, and AmTrust Insurance Spain, following satisfaction of customary closing conditions.
Liberty Mutual Group Inc. today announced the pricing of its previously announced offers to certain eligible holders to exchange new senior notes due 2050 for six series of its outstanding notes: its Series A Junior Subordinated Notes; its Series C Junior Subordinated Notes; its 6.500% Senior Notes due 2042; its 7.000% Senior Notes due 2034; its 6.500% Senior Notes due 2035; and its 4.850% Senior Notes due 2044. In addition, Liberty Mutual announced that it will pay interest on the new notes at a rate per annum equal to 3.951%, as calculated in accordance with the terms of the confidential Offering Memorandum dated September 11, 2019.
Liberty Mutual Group Inc. today announced the early participation results of its previously announced offers to certain eligible holders to exchange new senior notes due 2050 for six series of its outstanding notes: its Series A Junior Subordinated Notes; its Series C Junior Subordinated Notes; its 6.500% Senior Notes due 2042; its 7.000% Senior Notes due 2034; its 6.500% Senior Notes due 2035; and its 4.850% Senior Notes due 2044. In addition, Liberty Mutual announced that it has increased the limit on the aggregate principal amount of new notes to be issued in the exchange offers from $750,000,000 to $1,248,246,000.
Liberty Mutual Group Inc. today announced that it has commenced offers to exchangenew senior notes due 2050 for six series of its outstanding notes: its Series A Junior Subordinated Notes; its Series CJunior Subordinated Notes; its 6.500% Senior Notes due 2042; its 7.000% Senior Notes due 2034; its 6.500% SeniorNotes due 2035; and its 4.850% Senior Notes due 2044. The exchange offers are being made to eligible holders only(as described below).
Liberty Mutual Insurance completes the sale of our Venezuelan business, Seguros Caracas de Liberty Mutual. In 2015, due to the Venezuelan foreign exchange restrictions that impacted our ability to manage the business, Liberty Mutual decided to sell Seguros Caracas and deconsolidate the company from LMIG's financial statements. After approvals from the local government and regulators, the sale process was recently completed with the Chilean businessman Isidoro Quiroga, together with the current leadership team of Seguros Caracas.
On August 20, 2019, Liberty Mutual closed on the sale of Pembroke Managing Agency Limited and Dublin-based Ironshore Europe DAC businesses to Hamilton Insurance Group.
Liberty Mutual completed a new transaction utilizing the Limestone Re capital markets platform that provides approximately $240 million of reinsurance capacity from capital markets investors for the Company's U.S. property catastrophe program and global treaty property reinsurance business.
On June 11, 2019, Liberty Mutual Group Inc. ("LMGI" or the "Company") finalized a senior note issuance of $350 Million of 4.500% Senior Notes due 2049. Proceeds of the offering are expected to be used for general corporate purposes, which may include the repayment of outstanding indebtedness and capital contributions to one or more of the insurance subsidiaries to permit further growth.