Tower Hill Insurance Exchange $290mm Senior Surplus Note Refinancing

Transaction

2 minutes

28 September 2026

Company and Transaction Overview

Tower Hill Insurance Exchange (“THIE”) completed a $290mm senior surplus note refinancing

  • The financing is funded by a consortium of investors including Gallatin Point Capital LLC and other third-party investors
  • Proceeds will be used to retire and replace existing senior surplus note obligations
  • The new note has a seven-year term, maturing September 2033
  • Transaction closed on September 22, 2026

THIE is a leading Florida homeowners focused, Demotech “A” rated reciprocal exchange that launched in December 2021

  • Has scaled to ~$1.2 billion of gross premium written since launch, ranking among the largest residential property writers in the state
  • Formed as a long-term solution to provide reliable insurance coverage while also achieving profitability in the Florida personal lines marketplace

Tower Hill Insurance Group is a premier managing general agent writing business across 10 states with a core Florida focus

  • Specializes in the underwriting and placement of residential and commercial property risks
  • One of the largest residential property and homeowners' underwriters in Florida, with a proven ability to generate profits across multiple market cycles
  • Over $1.5 billion of written premium in 2025
  • Underwrites on behalf of THIE and other third-party carriers
towerhill-gallatin

Howden Capital Markets & Advisory Role

HCMA acted as exclusive transaction advisor and placement agent to THIE; key roles and responsibilities included:

  • Marketing the transaction, identifying potential surplus note investors and introducing the counterparties
  • Assistance with development of a detailed financial model and investor marketing materials
  • Assistance in the negotiation of key terms with investors
  • Coordinating investor diligence and preparation of financial supplements
  • Offering insight into surplus note offering transaction terms and conditions

This transaction further solidifies HCMA as the leading investment advisor for reciprocal exchange formations and capital raises