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 Accordingly, all Notes that were validly tendered and not validly withdrawn at or prior to 5:00 p.m., New York City time, on May 22, 2019 (the "early tender time") will be accepted by Liberty Mutual and settled on June 4, 2019 (the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.
Liberty Mutual Announces Offer to Purchase Any and All Outstanding Series A Junior Subordinated Notes
Liberty Mutual Group Inc. today announced that it has commenced a cash tender offer to purchase any and all of its Series A Junior Subordinated Notes on the terms and subject to the conditions described in its Offer to Purchase and related Letter of Transmittal dated today.
Liberty Mutual Insurance Announces Agreement to Acquire the Domestic and International Surety and Credit Reinsurance Operations of AmTrust
Liberty Mutual Insurance announced today it has signed a definitive agreement to acquire the global surety and credit reinsurance operations of AmTrust Financial Services, Inc. (AmTrust), a multinational property and casualty insurer specializing in coverage for small to midsized businesses.
Liberty Mutual Concludes Strategic Review of Pembroke and Ironshore Europe, Reaches Agreement to Sell Operation to Hamilton Insurance Group
Today, Liberty Mutual announced the conclusion of its strategic review of its London-based Pembroke Managing Agency Limited and Dublin-based Ironshore Europe DAC businesses, acquired through the Ironshore purchase in May of 2017. As a result of the review, Liberty Mutual has reached an agreement to sell its Pembroke Managing Agency, Ironshore Europe operations (IEDAC) and Visionary (Dubai) to Hamilton Insurance Group, subject to regulatory approval.