b'Insurance Corporate Finance Equity Capital Markets North America and Bermuda 2020 was a year of extremes in the equity capital markets. Though markets started the year strong, in March 2020 with the onset of the COVID-19 pandemic and government imposed lockdowns the S&P 500 lost 34% of its value and new issuances came to a virtual halt across industry sectors. But by summer the outlook reversed in no small part due to aggressive government stimulus programs. Equity markets rebounded and the year saw a record volume of both private and public new issuances. The insurance industry road these waves of volatility. In early January 2020, Renaissance Re (RenRe) completed a $322 million secondary offering of common shares with Tokio Marine as selling shareholder receiving all of the net proceeds. Tokio Marine had acquired its posi-tion in the shares in connection with its sale of Tokio Millenium Re (TMR) to RenRe in 2018. Also in January 2020, Palomar Holdings, the California-based specialty property insurer, successfully completed a $282 million offering, most of which consistent of a secondary sale by its major shareholder Genstar Capital.While the market remained silent in the early Spring, RenRe returned to the market in early June 2020 and completed a successful $1.1 billion offering of common shares. At the same time, the company announced a $75 million private investment in public equity (PIPE) transaction with State Farm Mutual Automobile Insurance Co. (State Farm), which already held a 4% interest in the company. In connection with the 2018 TMR acquisition, State Farm completed a $250 million PIPEs investment in RenRe. Also coming back to the market in June 2020 was Palomar Holdings which raised $82 million in a primary common stock offering.Having originally filed its S-1 registration statement in late February 2020 just weeks before the economy and markets effectively shut down, the first industry IPO was successfully completed by SelectQuote in late May 2020. SelectQuote is a technology-enabled direct to consumer distribution platform for a range of personal lines insurance. The company raised $350 million in both a primary and secondary offering with pricing above the range and with shares jumping 40% in initial trading. This set the stage for five more industry IPOs that successfully came to market in 2020, not including the industry-focused SPACs which are discussed in more detail below in this report.The other industry IPOs were Trean Insurance Group, the specialty casualty insurer, in July 2020; Root, Inc., the technology-driven auto insurer, in October 2020; and Conduit Holdings, the parent of specialty property-casualty (P&C) reinsurer Conduit Re, in December 2020 on the London Stock Exchange.38GLOBAL INSURANCE INDUSTRY | YEAR IN REVIEW2020'