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

Transaction Overview

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%

TigerRisk Capital Markets & Advisory Role

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