Palomar $20 Million Senior Note Issuance

Transaction Overview

On Sep. 14, 2018, Palomar Insurance Holdings (“Palomar”) announced a $20mm senior note offering

  • Transaction generated strong investor interest
  • Transaction was supported by Cohen & Company and funds managed by Fermat Capital Management
  • Proceeds will be utilized to:
    • Refinance existing $17.5mm surplus note of Palomar Specialty Insurance Company
    • Other general corporate purposes

Palomar is a leading insurer focused on the U.S. CAT-exposed market

  • Products include earthquake, coastal homeowners, residential HU and commercial “all-risk” business
  • 7th largest writer of earthquake insurance on a national basis(a)
  • Large presence in California and active across 23 additional states
  • Palomar is rated “A-” by A.M. Best

Palomar is led by Mac Armstrong, the former President of Arrowhead General Insurance Agency

  • Palomar was founded in 2014 and is majority owned by private equity firm Genstar Capital

TigerRisk Capital Markets & Advisory Role

TCMA acted as exclusive placement agent to Palomar

  • Offered crucial transactional advice and guidance throughout the transaction process
  • Key transaction steps led by TCMA included:
    • Managing the preparation of financial packages and presentations for potential investors
    • Marketing the transaction to potential investors and managing a highly competitive process
    • Providing insights around transaction terms & conditions
    • Assisting in the negotiation of driving optimal transaction terms