Hamilton Re Sponsors First Catastrophe Bond
Hamilton Re, the re/insurance platform of Bermuda-based holding company Hamilton Insurance Group, today announced that, through its Hamilton Capital Partners business unit, it has sponsored its first catastrophe bond through the issuance of the Series 2019-1 Principal At-Risk Variable Rate Notes issued by Cerulean Re SAC Ltd [Cerulean], acting in respect of the segregated account designated as “Easton 2019-1”.
Easton 2019-1 provides Hamilton Re with $60 million of collateralized reinsurance capacity against certain losses from US named storms and US earthquakes, across two classes of notes, on an industry loss trigger and per-occurrence basis.
“This cat bond will provide additional, diverse reinsurance protection for our portfolio, alongside our traditional reinsurance coverages, and serve to further enhance our positioning within the capital markets,” said Hamilton Re CEO Kathleen Reardon.
“Successfully navigating this solution amongst broader market uncertainties is evidence of Hamilton Re’s progress in this space and further strengthens our ability to serve our clients.”
Cerulean is a Bermuda exempted company licensed as a special purpose insurer and registered as a segregated accounts company. GC Securities acted as arranger, sole structuring agent and placement agent. Mayer Brown LLP acted as legal counsel.
