Palomar Specialty Sponsored Torrey Pines Re Ltd. (Series 2023-1) Notes

Transaction Overview

On May 25, 2023, Palomar Specialty (“Palomar”) sponsored its fourth 144A Cat Bond through Torrey Pines Re Ltd.

The transaction received significant investor support, upsizing 33% from $150 million to $200 million and pricing 9% and 12% below the midpoint of initial guidance for the Class A and B Notes, respectively

Both Notes provide per occurrence, indemnity-triggered event coverage to Palomar

$150mm ($100mm initial target) Class A Notes: California Earthquake only

• Expected Loss (Time Dependent): 0.90%
• Initial Price Guidance: 5.25% – 5.75%; Final Pricing: 5.00%

$50mm Class B Notes: U.S. Earthquake

• Expected Loss (Time Dependent): 2.38%
• Initial Price Guidance: 8.25% – 8.75%; Final Pricing: 7.50%

Howden Tiger Capital Markets & Advisory Role
 

HTCMA acted as Joint Structuring Agent and Joint Bookrunner

• Presented structuring ideas and helped to finalize the structures
• Negotiated with service providers
• Assisted in all aspects of the structuring and placement including, but not limited to:
  • Structuring and coordination with legal counsel
  • Finalizing investor presentation, risk analysis results, and offering documents
  • (Virtual) Investor roadshow and marketing processes
  • Other various distribution activities