Florida Peninsula Sponsored Palm Re Ltd. (Series 2024-1) Class A Notes

Transaction Overview

On April 11, 2024, Florida Peninsula Insurance Company, Edison Insurance Company and other insurance company subsidiaries and affiliates of Florida Peninsula1 (“Florida Peninsula”) sponsored its first 144A Cat Bond issuance through Palm Re Ltd., marking a significant milestone for Florida Peninsula

Palm Re Ltd. provides Florida Peninsula per occurrence, indemnity-triggered event coverage

Florida Peninsula’s successful underwriting track record resulted in the transaction receiving significant investor support allowing the deal to upsize and price below initial price guidance

The transaction marks a significant milestone for Florida Peninsula as the first 144A Cat Bond issued by the company, providing an additional and valuable source of reinsurance capital on fully collateralized and multi-year basis

Class A Notes: Florida Named Storm

  • Expected Loss (WSST): 2.04%
  • Initial Size: $100mm  Final Size: $150mm (50% increase)
  • Initial Price Guidance: 10.25% – 11.00%  Final Pricing: 9.50% (11% decrease from midpoint of initial guidance)

Howden Tiger Capital Markets & Advisory Role

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 Florida Peninsula through this transaction
  • Organized pre-deal in person investor meetings to introduce Florida Peninsula to Cat Bond investors
  • 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 Sole Initial Purchaser of the Notes

1) May be updated to include any insurance company subsidiaries and affiliates of Florida Peninsula (including any reciprocal exchange for which an affiliate of Florida Peninsula acts as attorney in fact).