Palomar Sponsored Torrey Pines Re Ltd. (Series 2026-1) Class A, Class B, Class C and Class D Notes
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Company and Transaction Overview
On May 7, 2026, Palomar(1) sponsored its seventh 144A Cat Bond through Torrey Pines Re Ltd.
- Torrey Pines Re Ltd. provides Palomar per occurrence, indemnity-triggered event coverage across a three-year Risk Period.
- Notably, the Class D Notes represent the first time Torrey Pines Re has provided Hawaii named storm protection covering Palomar’s Hawaii-domiciled reciprocal exchange, Laulima Exchange.
- The successful execution of this transaction is a testament to the ILS community’s respect for Palomar’s expertise in earthquake risk and, with the addition of the Class D Notes, named storm risk.
Howden Capital Markets & Advisory Role
HCMA acted as Joint Structuring Agent and Joint Bookrunner.
- Assisted in all aspects of the structuring and placement, including, but not limited to:
- Structuring and coordinating with legal counsel.
- Refining and finalizing offering documents.
- Marketing processes, including roadshow at ILS Conference SIFMA.
- Palomar Specialty Insurance Company, Palomar Excess and Surplus Insurance Company, Palomar Underwriters Exchange Organization, Inc. and Laulima Exchange together, “Palomar”.
- Moody’s Time-dependent rate.
- Moody’s Long-Term rate.
