Selective Sponsored High Point Re Ltd. (Series 2023-1) Class A Notes

On December 8, 2023, affiliate insurance companies of Selective Insurance Group, Inc. (“Selective”) (NASDAQ: SIGI) sponsored its first 144A Cat Bond through High Point Re Ltd., representing a landmark transaction for a major, publicly traded U.S. insurance carrier

The transaction provides Selective with a new, valuable source of fully collateralized reinsurance capital from a large and diverse panel of ILS investors to support future growth

The transaction received significant investor interest, upsizing 62.5% from $200mm to $325mm, and priced within initial guidance at 5.75%

The Class A Notes provide per occurrence, indemnity-triggered event coverage to Selective

Class A Notes: U.S. Named Storm, Earthquake, Severe Thunderstorm, Winter Storm, Wildfire, Meteorite Impact, Volcanic Eruption (excluding California, Florida, Louisiana and Texas)

• Expected Loss (WSST): 0.89%
• Initial Size: $200mm; Final Size: $325mm
• Initial Price Guidance: 5.00% – 5.75%; Final Pricing: 5.75%

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

• Early introduction of cedant to ILS investors by HTCMA
• Advised in all aspects of structuring and placement including, but not limited to:
  • Transaction structure and associated features, mechanics and considerations
  • Investor presentation creation
  • Risk Analysis and Offering Documentation review
  • Investor roadshow and marketing efforts
  • Book building process and various distribution activities
  • Service provider negotiations