American Family Sponsored Four Lakes Re Ltd. (Series 2023-1) Class A and Class B Notes

On December 14, 2023, American Family Mutual Insurance Company, S.I. (“American Family”) sponsored its fourth 144A Cat Bond issuance through Four Lakes Re Ltd. in order to secure collateralized reinsurance protection from the capital markets

The Class A Notes and Class B Notes provide per occurrence, indemnity-triggered event coverage to American Family

Class A Notes: U.S. Named Storm, Earthquake, Severe Thunderstorm, Winter Storm, and Wildfire

• Expected Loss (WSST): 0.68%
  Initial Size: $100mm – Final Size: $125mm (25% increase)
  Initial Price Guidance: 5.00% – 5.75% – Final Pricing: 5.75%

Class B Notes: U.S. Named Storm, Earthquake, Severe Thunderstorm, Winter Storm, and Wildfire

• Expected Loss (WSST): 2.63%
• Initial Size: $50mm – Final Size: $50mm
• Initial Price Guidance: 9.00% – 9.75% – Final Pricing: 9.50%

Howden Tiger Capital Markets & Advisory (“HTCMA”) acted as Joint Bookrunner

• Introduced new ILS investors to the Four Lakes Re Ltd. Program
• Advised in all aspects of placement and provided structuring advice including:
  • Risk Analysis and Offering Documentation review
  • Investor roadshow and marketing efforts
  • Book building process and various distribution activities