GeoVera Sponsored Veraison Re Ltd. (Series 2024-1) Class A Notes

On February 6, 2024, GeoVera Insurance Holdings, Ltd. (“GeoVera”) sponsored Veraison Re Ltd. (Series 2024-1) to secure collateralized reinsurance protection from the capital markets

The Ceding Insurer will initially consist of GeoVera Insurance Company (“GeoVera Insurance”), GeoVera Specialty Insurance Company (“GeoVera Specialty”) and Coastal Select Insurance Company (“Coastal Select”)

The Class A Notes provide per occurrence, indemnity-triggered event coverage to GeoVera

Class A Notes: US Earthquake

• Three year Risk Period
• Expected Loss (Time dependent): 1.00%
• Initial Size: $100mm  Final Size: $175mm (75% increase)
• Initial Price Guidance: 5.00% – 5.75% – Final Pricing: 4.75% (~12% decrease from the midpoint of initial price guidance)

This transaction represents GeoVera’s second 144A Cat Bond issuance through Veraison Re Ltd., following on its inaugural 2023-1 transaction

• Benefits of consistent Cat Bond issuance were demonstrated by the price, size and 35%+ increase in number of investors in the order book

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

• Presented innovative structuring ideas and helped to finalize the structure
• Identified a variety of institutional investors interested in supporting GeoVera 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
  • Investor roadshows and marketing process
• Achieved substantially larger transaction size versus initial announcement size at reduced pricing