Arch Re Sponsored Ramble Re Ltd. (Series 2024-1) Class A Notes

On February 29, 2024, Arch Reinsurance Ltd. (“Arch Re”) sponsored Ramble Re Ltd. (Series 2024-1) to secure collateralized retrocessional (“retro”) protection from the capital markets, its first issuance through the newly established Ramble Re Ltd. vehicle

The transaction marks a significant milestone for Arch Re, as it is Arch Re’s first property focused Cat Bond since 2021 and also features a unique covered area, indicative of the capital markets’ ability to efficiently trade a variety of risk

The diversifying structure received significant investor support, which resulted in pricing below initial guidance

The Class A Notes provide per occurrence, industry loss index triggered event coverage to Arch Re

Class A Notes: US Northeast Named Storm and US / Canada Earthquake

• Three-year Risk Period
• Expected Loss (WSST): 3.28%
• Initial Size: $100mm  Final Size: $100mm
• Initial Risk Interest Spread Guidance: 6.75% – 7.50%  Final Pricing: 6.25% (~12% decrease from the midpoint of initial spread guidance)

Howden Tiger Capital Markets & Advisory (“HTCMA”) acted as Sole Structuring Agent, Sole Bookrunner and Sole Initial Purchaser

• Presented innovative structuring ideas and helped to finalize the structure
• Identified a variety of institutional investors interested in supporting Arch Re through this transaction
• Assisted in all aspects of the structuring and placement including, but not limited to:
  • Structuring and coordinating with legal counsel and other service providers
  • Finalizing investor presentation, risk analysis results and offering documents
  • Global investor presentation and order book building process
• Acted as Initial Purchaser, handling takedown of the Notes