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

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

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