PALOMAR CLOSES $400M TORREY PINES RE CAT BOND

US catastrophe property insurer Palomar Holdings has closed its Torrey Pines Re Pte Ltd (Series 2021-1) catastrophe bond, securing $400m in collateralised reinsurance for its Palomar Specialty Insurance and Palomar Excess and Surplus Insurance units. The transaction will provide the Palomar companies with protection against losses from US earthquakes over three years on an indemnity and per-occurrence trigger basis. Originally sized at $300m, the issuance’s two tranches of Class A and Class B notes each closed at $200m. Palomar established Torrey Pines Re as a special-purpose insurer in Singapore to provide the cover. “The Torrey Pines Re transaction allows Palomar to further build upon its leadership position in the earthquake insurance space,” said Palomar chairman and chief executive Mac Armstrong.