Liberty Mutual’s 11th Mystic Re cat bond highlights HCMA’s execution capabilities: Madea

Liberty Mutual Insurance’s sponsorship of a $150 million Mystic Re IV Ltd. (Series 2026-1) catastrophe bond issuance underscores the strength of Howden Capital Markets & Advisory’s (HCMAs) platform and its ability to execute complex transactions efficiently, according to Jarad Madea, CEO, HCMA.

HCMA served as Joint Structuring Agent and Joint Bookrunner for the transaction, which marked Liberty Mutual’s eleventh catastrophe bond in its long-standing Mystic Re series.

Liberty Mutual returned to the cat bond market in November, initially seeking a $125 million source of indemnity based, multi-peril catastrophe reinsurance protection from the capital markets.

The cat bond eventually upsized and was priced at $150 million, while the two tranches of notes being placed were both priced below their mid-points of guidance.

View details of every catastrophe bond sponsored by Liberty Mutual in our Deal Directory, where you can filter the results by trigger type and other features.

Mitchell Rosenberg, Co-Head of Global ILS at HCMA, commented: “This transaction reflects Liberty Mutual’s disciplined approach to underwriting risk management.

“By accessing the cat bond market alongside traditional reinsurance, Liberty Mutual was able to secure efficient, multi-year protection that better reflects its evolving risk profile. We’re proud to have supported the team in delivering a strong outcome in a dynamic market.”

Jarad Madea, CEO of HCMA, said: “This issuance highlights the strength of the HCMA platform—our structuring expertise, investor relationships and ability to execute complex transactions efficiently.

He continued: “It also reflects the close collaboration between HCMA and the Howden Re team, bringing together the full breadth of Howden’s capabilities to deliver strong outcomes for clients. We thank Liberty Mutual for their continued partnership and congratulate everyone involved on another successful Mystic Re transaction.”

As a reminder, you can read all about this Mystic Re IV Ltd. (Series 2026-1) catastrophe bond from Liberty Mutual and every other cat bond issued in the Artemis Deal Directory.

HCMA also served as the Sole Structuring Agent and Sole Bookrunner for Migdal Insurance Company’s recent $100 million Turris Re Ltd. (Series 2025-1) Israel earthquake catastrophe bond, which introduced a new source of risk-transfer capacity to the Israeli market.