Liberty Mutual Announces Early Participation Results and Upsizing of its Previously Announced Exchange Offers
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 Announces Offers to Exchange Six Series of Its Existing Notes for New Senior Notes Due 2050
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.
Liberty Mutual Insurance Finalizes Sale of Pembroke and Ironshore Europe Businesses to Hamilton Insurance Group
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.
Liberty Mutual Insurance Completes Acquisition Of The U.S. Surety Operations Of AmTrust Financial Services
Liberty Mutual Insurance announced the completion of the acquisition of the business and operations of AmTrust Surety, the U.S. surety operations of AmTrust Financial Services, Inc., following satisfaction of customary closing conditions. The AmTrust Insurance Spain, Nationale Borg, and Nationale Borg Reinsurance portion of the acquisition is expected to close in the second half of 2019.
Liberty Mutual Announces Early Settlement For Its Previously Announced Cash Tender Offer And Principal Amount To Be Accepted On The Early Settlement Date
In connection with its previously announced cash tender offer to purchase any and all of its Series A Junior Subordinated Notes (the "Notes"), Liberty Mutual announced today that it has elected to exercise its early settlement right. Accordingly, all Notes that were validly tendered and not validly withdrawn at or prior to 5:00 p.m., New York City time, on May 22, 2019 (the "early tender time") will be accepted by Liberty Mutual and settled on June 4, 2019 (the "early settlement date"), unless extended by Liberty Mutual.
Liberty Mutual Announces Early Tender Results of Its Offer to Purchase Outstanding Series A Junior Subordinated Notes
Liberty Mutual Group Inc. today announced the early tender results of its previously announced cash tender offer to purchase any and all of its Series A Junior Subordinated Notes (the Notes) on the terms and subject to the conditions described in its Offer to Purchase and related Letter of Transmittal, each dated May 9, 2019.
On May 23rd, 2019, Liberty Mutual Group Inc. (LMGI or the Company) finalized a euro bond issuance of 500 Million of 3.625% Series D Junior Subordinated Notes due 2059. The Company continues to look to the EUR-denominated debt markets to better match its euro exposure in its sizeable European operations. Proceeds of the offering are expected to be used to repay its outstanding Series B Junior Subordinated Notes, other debt repayments and for general corporate purposes.