Palomar expands Torrey Pines cat bond to $400mn

Fiona Robertson

15 March 2021

Houses in Houston suburb flooded from Hurricane — Houses in Houston suburb flooded from Hurricane, August 2018 | Banphote Kamolsanei/Getty Images/iStockphoto

Palomar Insurance Holdings expanded its latest Torrey Pines Re cat bond by a third, to $400mn, as the deal is set to price at the bottom of its target range, Trading Risk understands.

The insurer will pay a spread of 400 basis points (bps) on the lower-risk class A layer of the deal, equivalent to a 2.2x

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Topics

News Catastrophe bonds

Fiona Robertson

Editor-in-Chief