By James Thaler

Feb 12 - (The Insurer) - Liberty Company has upsized its JP Morgan-led credit facility by an additional $100mn, bringing total funding through the vehicle to $440mn, which will be used by the Bill Johnson-led firm to boost growth initiatives, including targeted M&A.

Liberty originally secured the $340mn in funding in the summer of 2023, which in addition to JP Morgan Chase was jointly led by Fifth Third Bank and RBC, and with participation from Bank of America, Citibank, TD Bank, and InsurBanc, for an offering Liberty said was oversubscribed.

Sources indicated that the intermediary currently has $185mn in capacity on the current credit line.

Liberty is planning to use the new cash infusion to accelerate its strategic initiatives, focusing on expanding specialised industry services and enhancing operational efficacy.

A spokesperson confirmed the broad outlines of the newly-expanded facility in a statement to The Insurer.

“The infusion is spearheaded by JPMorganChase, underlining a strong vote of confidence in Liberty’s potential and strategic vision,” the company said in a statement.

“This move is designed to significantly empower Liberty to expand its market presence through targeted mergers and acquisitions, and to invest in cutting-edge insurance solutions that meet the diverse needs of our clients,” it added.

Liberty said its aim is to “set new standards in the insurance market, reinforcing our commitment to leading with client-centric and innovative insurance solutions”.

It also said that the capital injection will enable it to advance its capabilities in strategic sectors and explore new opportunities for growth that will benefit its employees, stakeholders, and the broader insurance landscape.

"We are grateful for the tremendous and ongoing support extended by our lending group to our business,” founder and CEO Bill Johnson said in a statement.

“This funding enhances our capability to continue to invest in our infrastructure, new partnerships and most importantly, hiring and developing great people to fuel our growth," he added.

Liberty’s CFO, Bernadetta Scholz, also commented on the transaction.

"This pivotal funding not only supports our strategic acquisitions but also fortifies our market presence," Scholz said in a statement.

"It reflects our strong financial health and the strategic foresight that Liberty maintains in a dynamic economic landscape,” she continued.

“We are strategically positioning ourselves to take full advantage of growth opportunities that will enhance our competitive edge and deliver substantial value to our stakeholders," Scholz concluded.

Liberty has grown significantly in the last five years and generated just under $200mn in revenues in 2024.