Palomar Specialty Issued Torrey Pines Re Pte Ltd. (Series 2021-1) Notes

On March 30, 2021, Palomar Specialty issued a Cat Bond through Torrey Pines Re Pte Ltd.

• 144A Cat Bond issuance
• Initially announced at $300 million and then upsized to $400 million
• Singapore-domiciled special-purpose insurer providing reinsurance protection to Palomar

All Notes provide per occurrence, indemnity-triggered event coverage to Palomar

• Exposed to earthquake events throughout the United States

$200mm ($150mm initial target) Class A Tranche: U.S. EQ only

• Expected loss: 1.83%
• Initial price guidance: 4.00% – 4.50%; final pricing: 4.00%

$200mm ($150mm initial target) Class B Tranche: U.S. EQ only

• Expected loss: 2.97%
• Initial price guidance: 5.25%-5.75%; final pricing: 5.25%

TCMA acted as Joint Structuring Agent and Joint Bookrunner

• Presented innovative structuring ideas and helped to finalize the structures
• Assisted in all aspects of the structuring and placement including, but not limited to:
  • Structuring and co-ordination with legal counsel
  • Finalizing investor presentation, risk analysis results, and offering documents
  • (Virtual) Investor roadshow and marketing processes
  • Other various distribution activities