Hamilton Insurance Group Sponsors Catastrophe Bond Easton Re

Hamilton Insurance Group Ltd., the Bermuda-based re/insurer, announced the sponsorship of a new catastrophe bond through the issuance of Series 2024-1 notes by Easton Re Ltd.

Easton Re will provide the company’s operating platforms with risk transfer capacity of $200 million to protect against United States and territories named storm and North American earthquake risk.

“We are extremely pleased to announce the success of our second sponsorship of Easton Re bonds,” said Hanni Ali, Senior Vice President. “Easton Re continues to be an important part of Hamilton’s strategy as a newly public company, providing meaningful protection to our operating platforms at an attractive risk adjusted cost.

“That we have secured more retrocession than initially targeted and at a better price than original guidance, underscores investor confidence in Hamilton. We are encouraged by the continued support and aim to further build on our relationships with ILS investors.”

The Easton Re catastrophe bond has been issued from Bermuda and the risk period will run from January 1, 2024 through December 31, 2026.

GC Securities, a division of MMC Securities LLC, acted as Sole Structuring Agent and Bookrunner for Easton Re. Willkie served as the deal counsel on the transaction.

Hamilton underwrites specialty insurance and reinsurance risks on a global basis through its wholly owned subsidiaries. Its three underwriting platforms: Hamilton Global Specialty, Hamilton Re and Hamilton Select, each with dedicated and experienced leadership, provide us with access to diversified and profitable markets around the world.

Source: Hamilton Insurance Group

Photograph: This GOES-East GeoColor satellite image taken at 9:56 a.m. EDT on Tuesday, Sept. 27, 2022, and provided by the National Oceanic and Atmospheric Administration (NOAA), shows Hurricane Ian passing over western Cuba. (NOAA via AP, File)

Related:

Topics Catastrophe

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