Tower Hill Insurance Exchange Sponsored Winston Re Ltd. (Series 2024-1) Class A and Class B Notes

Transaction Overview

On February 21, 2024, Tower Hill Insurance Exchange (“Tower Hill” or the “Exchange”) sponsored its first 144A Cat Bond issuance through Winston Re Ltd., marking a significant milestone for Tower Hill

Winston Re Ltd. provides the Exchange per occurrence, indemnity-triggered event coverage across two tranches of Notes

The Notes are the largest ever Florida Cat Bond sponsored by an insurer, a top 5 issuance in terms of size for a first-time indemnity sponsor, and the largest Cat Bond transaction over the last twelve months1

Class A Notes: Florida Named Storm

• Expected Loss (WSST): 1.80%
• Initial Size: $100mm  Final Size: $250mm (150% increase)
• Initial Price Guidance: 10.00% – 11.00%  Final Pricing: 10.25%

Class B Notes: Florida Named Storm

• Expected Loss (WSST): 2.29%
• Initial Size: $100mm  Final Size: $150mm (50% increase)
• Initial Price Guidance: 11.75% – 12.75%  Final Pricing: 11.75%

Howden Tiger Capital Markets & Advisory Role

Howden Tiger Capital Markets & Advisory (“HTCMA”) acted as Sole Structuring Agent and Sole Bookrunner

• Developed all structuring ideas related to the Notes
• Identified a variety of institutional investors interested in supporting the Exchange through this transaction
• Led all aspects of the structuring and placement including, but not limited to:
  • Structuring and coordinating with legal counsel and other service providers
  • Producing investor presentation, finalizing risk analysis results and offering documents
  • Investor roadshows and marketing process
• Acted as Initial Purchaser of the Notes