Tower Hill Insurance Exchange Sponsored Winston Re Ltd. (Series 2025-1) Class A Notes

On February 13, 2025, Tower Hill Insurance Exchange (“Tower Hill” or the “Exchange”) sponsored its second 144A Cat Bond issuance through Winston Re Ltd. to secure collateralized reinsurance protection from the capital markets, cementing its place as a premier repeat Cat Bond sponsor

• Tower Hill purchased $575mm of Cat Bond limit in the last 12 months, representing ~25% of its reinsurance tower secured in collateralized, multi-year form

The Winston Re Ltd. (Series 2025-1) Notes provide the Exchange per occurrence, indemnity-triggered event coverage in the State of Florida

The Notes achieved the lowest pricing for a Florida focused indemnity Cat Bond since 2022¹

• Strong investor support allowed Tower Hill to upsize the transaction and tighten pricing from initial guidance

Class A Notes: Florida Named Storm

• Expected Loss (WSST): 1.61%
• Initial Size: $100mm – Final Size: $175mm (75% increase)
• Initial Price Guidance: 7.00% – 7.50% – Final Pricing: 6.50% (~10% below the midpoint of initial price guidance)

Howden Capital Markets & Advisory (“HCMA”) 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 roadshow and marketing process
• Acted as Initial Purchaser of the Notes

(1) As of the date of issuance.