Log In

Reset Password
BERMUDA | RSS PODCAST

Hamilton Insurance announces new cat bond transaction

First Prev 1 2 Next Last

Hamilton Insurance Group Ltd has, through its Hamilton ILS business unit, sponsored its first 144A industry loss index-triggered catastrophe bond through the issuance of Series 2020-1 Class A Principal-at-Risk Variable Rate Notes by Easton Re Pte Ltd.

Bermudian-headquartered Hamilton said Easton Re will provide the company's operating platforms with multiyear risk transfer capacity of $150 million to protect against named storm and earthquake risk in the United States.

Tony Ursano, group CFO at Hamilton, said: “We’re extremely pleased to announce the success of this new cat bond transaction, which is the first of its kind for Hamilton.

“That we were able to attract significant investor interest and to execute the transaction at highly competitive pricing well below initial market guidance, underscores our position as a growing and respected global specialty insurance and reinsurance carrier, focused on becoming a best in class underwriter."

Hanni Ali, SVP, Strategic Partnerships, added: "This transaction, together with the recent launch of Ada Capital Management Limited, underwriting on behalf of Ada Re, Ltd, a Bermuda-registered special purpose insurer, illustrates how we are gaining momentum in our ILS strategy.

"We aim to build a significant third-party capital management platform through the continued development of partnerships with institutional investors across the globe."

Formed in Singapore as a special purpose reinsurance vehicle, Easton Re is the first index-based transaction approved for issuance by the Monetary Authority of Singapore, Hamilton said.

The risk period for Easton Re will run from January 1, 2021 to December 31, 2023.

Hamilton said GC Securities acted as sole structuring agent and sole bookrunner. Sidley Austin LLP acted as deal counsel.

Tony Ursano, Group CFO at Hamilton (Photograph supplied)
Hamilton Insurance Group: announces cat bond transaction

You must be Registered or to post comment or to vote.

Published March 22, 2021 at 4:04 pm (Updated March 22, 2021 at 4:05 pm)

Hamilton Insurance announces new cat bond transaction

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon