Torrey Pines Re Ltd. (Series 2017-1)

Palomar Insurance Holdings, the speciality California-based insurer that provides largely catastrophe exposed property covers, cancelled its plans to renew its maturing catastrophe bond transaction in March, when it saw the way pricing and terms were firming in the insurance-linked securities (ILS) market.

Palomar Specialty Insurance Company said today that it is thrilled with the successful execution of its first catastrophe bond transaction, the $166 million Torrey Pines Re Ltd. (Series 2017-1) which will provide the insurer with a capital markets source of earthquake, named storms and severe thunderstorm reinsurance protection.

California-based Palomar Specialty Insurance Company is set to complete its first catastrophe bond, the Torrey Pines Re Ltd. (Series 2017-1) deal, at an upsized $166 million and with pricing looking likely to settle around the mid to bottom of guidance.

A new catastrophe bond sponsor is coming to market with its first transaction, as a Torrey Pines Re Ltd. (Series 2017-1) deal targets $143 million of collateralized reinsurance protection for California-based Palomar Specialty Insurance Company.