Insurer hits mark with first cat bond

Category: ABS Insurance-linked securities

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Palomar Specialty Insurance Company has successfully closed its first cat bond obtaining protection against catastrophe perils. Torrey Pines Re Series 2017-1 is a US$166m ILS providing the insurer with US earthquake, named storm and thunderstorm reinsurance protection.

The transaction has three tranches of notes. The class A tranche is sized at US$45m, with initial price guidance of 2.75%-3.25%

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