Chicago, Dec. 23 – Farmers Insurance Exchange closed a $160 million two-part catastrophe bond through Topanga Re Ltd., a newly established special purpose insurer in Bermuda, according to a press release.
The Rule 144A offering comprises $100 million of series 2021-1 class A notes and $60 million of series 2021-1 class B notes.
The class A notes offer four years of per-occurrence protection, and the class B notes offer two years of annual aggregate protection.
Both classes protect against the perils of U.S. named storms earthquakes, severe weather and fire.
Swiss Re Capital Markets and TigerRisk Capital Markets & Advisory acted as joint structuring agents. Swiss Re Capital Markets acted as sole bookrunner and TigerRisk Capital Markets & Advisory as co-manager.
This is Farmers’ first-ever catastrophe bond.
The exchanges, their subsidiaries and their affiliates make up the Farmers Insurance Group of Cos., an insurance group based in Los Angeles.
| Issuer: | Topanga Re Ltd.
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| Issue: | Catastrophe bond
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| Amount: | $160 million
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| Bookrunner: | Swiss Re Capital Markets
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| Co-manager: | TigerRisk Capital Markets & Advisory
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| Announcement date: | Dec. 23
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| Distribution: | Rule 144A
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| Series 2021-1 class A
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| Issue: | Series 2021-1 class A notes
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| Amount: | $100 million
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| Tenor: | Four years
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|
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| Series 2021-1 class B
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| Issue: | Series 2021-1 class B notes
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| Amount: | $60 million
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| Tenor: | Two years
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