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.
Liberty Mutual Insurance today announced the creation of a new "Limestone Capital Markets" platform, with an inaugural multi-year collateralized _reinsurance transaction led by the newly-formed Bermuda domiciled segregated account company, Limestone Re Ltd.
Liberty Mutual Group Inc. ("LMGI") disclosed that from September 30, 2016 through December 19, 2016, LMGI repurchased $108,681,000 in principal of its 10.75% Series C Junior Subordinated Notes, due 2088 ("Series C Notes"). As of December 19, 2016, $67,766,000 in principal of the Series C Notes remained outstanding.
Liberty Mutual Insurance announced today that is has signed a definitive agreement to acquire Ironshore Inc., a premier global specialty lines company, from Fosun International Limited.
Liberty Mutual Group Inc. (LMGI or the Company) settled an inaugural euro bond issuance of €750 million of 2.75% Senior Notes, due 2026. The Company was interested in EUR-denominated debt to expand their investor footprint and better match euro exposure in its sizeable European operations. Proceeds of the offering are expected to be used for general corporate purposes.
Liberty Mutual Insurance, one of the largest property and casualty insurers in the world, announced the completion of its acquisition of approximately 99.6% of Compaa de Seguros Generales Penta Security S.A. (Penta Security) in Chile.