Palomar Specialty raises $200mn of quake cover with Torrey Pines bond
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Palomar Specialty raises $200mn of quake cover with Torrey Pines bond

Palomar logo San Jolla CA 2022.jpg

Palomar Specialty has secured $200mn of earthquake coverage with its Torrey Pines cat bond, across $150mn of Class A notes and $50mn of Class B notes.

The transaction achieved higher multiples on lower expected losses than last year's issuance.

The Class A notes, which provide indemnity, per occurrence quake coverage for California, sized at $150mn, up from an initial target of $100mn.

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