Palomar Holdings in California Closes $400M Cat Bond with Torrey Pines Re

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Palomar Holdings in The Golden State Shuts $400M Pet Cat Bond with Torrey Pines Re

La Jolla, Calif.-based Palomar Holdings Inc. revealed that via its wholly-owned subsidiaries, Palomar Specialized Insurance Policy Co. as well as Palomar Surplus as well as excess Insurance policy Co., the business has actually effectively shut a $400 million 144A disaster bond finished via Torrey Pines Re Pte. Ltd.

Palomar participated in a multi-year reinsurance plan with Torrey Pines Re, an unique objective insurance provider developed in Singapore, in which Torrey Pines Re gives Palomar with indemnity-based reinsurance covering quake occasions. The disaster bond was developed to suit Palomar’s existing conventional disaster reinsurance program.

Torrey Pines Re provided 2 tranches of notes as component of the funding, $200 numerous Course A Notes as well as $200 numerous Course B Notes that both give security versus quakes in the protected location over a three-year threat duration.

The $400 million offering was upsized from the preliminary statement dimension of $300 million. GC Safety and securities, a department of MMC Stocks LLC as well as TigerRisk Funding Markets & Advisory served as joint structuring representatives as well as joint bookrunners; MMC Stocks LLC served as the single preliminary buyer.

Subjects
California
Catastrophe

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