GeoVera Nova Sponsored Veraison Re Ltd. (Series 2025-1) Class A and B Notes

On February 5, 2025, GeoVera Insurance Holdings, Ltd. and GeoVera Nova Holdings, Inc. (“GeoVera Nova”) sponsored Veraison Re Ltd. (Series 2025-1) Class A and Class B Notes to secure collateralized reinsurance protection from the capital markets

This transaction represents GeoVera Nova’s third 144A Cat Bond issuance through Veraison Re Ltd. and the largest Cat Bond issuance of 2025¹

• The transaction represents GeoVera Nova’s largest ever sponsored Cat Bond
• The Class A Notes are the largest single Cat Bond tranche covering US Earthquake risks since 2023

The Class A and Class B Notes provide per occurrence, indemnity-triggered event coverage to GeoVera Nova

Class A Notes: US Earthquake

• Expected Loss (Time dependent): 1.43%
• Initial Size: $200mm – Final Size: $300mm (50% increase)
• Initial Price Guidance: 4.00% – 4.50% – Final Pricing: 3.50% (~18% decrease from the midpoint of initial price guidance)

Class B Notes: US Earthquake

• Expected Loss (Time dependent): 2.57%
• Initial Size: $75mm – Final Size: $150mm (100% increase)
• Initial Price Guidance: 6.00% – 6.75% – Final Pricing: 5.00% (~22% decrease from the midpoint of initial price guidance)

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

• Close coordination with traditional placement process
• Presented innovative structuring ideas and helped to finalize the structure
• Identified a variety of institutional investors interested in supporting GeoVera Nova through this transaction
• Assisted in all aspects of the structuring and placement including, but not limited to:
  • Structuring and coordinating with legal counsel and other service providers
  • Finalizing investor presentation, risk analysis results, and offering documents
  • Investor roadshows and marketing process
• Achieved substantially larger transaction size versus initial announcement size at reduced pricing

(1) As of the date of issuance.