Palomar Sponsored Torrey Pines Re Ltd. (Series 2022-1) Notes

Transaction Overview

On March 12, 2021, Palomar closed another Cat Bond issuance through Torrey Pines Re Ltd.

  • 144A Cat Bond issuance
  • Class A: $200 million
  • Class B: $75 million
  • Bermuda-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 Class A Tranche: U.S. EQ only

  • Expected loss: 1.23% (time dependent)
  • Final pricing: 5.00%

$75mm Class B Tranche: U.S. EQ only

  • Expected loss: 3.77% (time dependent)
  • Final pricing: 8.25%

Transaction successfully closed amidst challenging financial market conditions

TigerRisk Capital Markets & Advisory Role

TCMA is acting as the 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
    • Investor roadshow and marketing processes
    • Other various distribution activities