Travelers Sponsored Long Point Re IV Ltd. (Series 2026-1) Class A Notes

On May 22, 2026, Travelers sponsored a 144A Cat Bond through Long Point Re IV Ltd.

• The 2026-1 Notes represent the second 144A Cat Bond issuance under the program and the eighth 144A Cat Bond issuance by Travelers.

Travelers’ industry-leading reputation and underwriting track record resulted in a transaction that garnered significant investor support, allowing the deal to price significantly below initial guidance and upsize to Travelers’ largest Cat Bond issuance to date.

The Class A Notes offer per-occurrence, indemnity-based coverage for tropical cyclone, earthquake, severe thunderstorm and winter storm risks across northeastern U.S. states¹.

Series 2026-1 Class A Notes:

• Expected Loss (WSST): 1.48%
• Initial Issuance Size: $500mm → Final Issuance Size: $750mm (50% increase from initial size)
• Initial Price Guidance: 4.00% - 4.50% → Final Pricing: 3.50% (~18% decrease from midpoint of initial guidance)

Howden Capital Markets & Advisory Role

Howden Capital Markets & Advisory (“HCMA”) acted as Sole Structuring Agent and Joint Bookrunner.

• Advised on transaction strategy and alignment with Travelers’ traditional reinsurance program.
• Organized pre-deal in-person investor meetings to further foster Travelers’ relationships with Cat Bond investors.
• Developed and led the structuring and placement of the Series 2026-1 Notes, including, but not limited to:
  • Produced the investor presentation and supported finalization of offering documents.
  • Closely coordinated alignment of the Series 2026-1 Notes with the Sponsor’s existing issuance coming off-risk.
  • Offered valuable insight around key transaction terms and conditions.
  • Led investor roadshow and marketing process.