Joint Structuring Agent and Joint Bookrunner to GeoVera sponsored Verasion Re Ltd. Series 2023-1 Class A and Class B Notes

On December 20, 2022, GeoVera closed a 144A CAT Bond through Veraison Re Ltd.

• GeoVera’s inaugural 144A CAT Bond issuance
• Bermuda-domiciled special-purpose insurer providing reinsurance protection to GeoVera
• GeoVera’s first 144a CAT Bond issuance (issued private CAT Bond in 2018)
• Achieved target transaction size despite challenging market conditions

$75mm 2023-1 Class A Notes provide Per Occurrence, indemnity-triggered event coverage

• Three-year risk period
• Perils include US earthquake
• RMS expected loss: 0.69% (time-independent)
• Final investor spread: 6.50%

$75mm 2023-1 Class B Notes provide Per Occurrence, indemnity-triggered event coverage

• Three-year risk period
• Perils include US earthquake
• RMS expected loss: 2.68% (time-independent)
• Final investor spread: 12.00%

HTCMA acted as Joint Structuring Agent and Joint Bookrunner

• Presented innovative structuring ideas and helped to finalize the structure in alignment with the traditional reinsurance program
• Assisted in all aspects of the structuring and placement including, but not limited to:
  • Structuring and coordination with legal counsel
  • Finalizing investor presentation, advised on disclosure around subject business, and offering documents
  • Investor roadshow and marketing processes