Hamilton Insurance has initiated a new catastrophe bond issuance to cover against named storms in the United States and its territories, as well as earthquake risks in North America.
These Series 2024-1 notes, via Easton Re, will give Hamilton’s operational entities $200 million in risk transfer capacity to cover such risks in the US.
The Bermuda-based cat bond, issued from Bermuda, sets its risk coverage period from January 1, 2024, to December 31, 2026. Meanwhile, GC Securities served as the sole structuring agent and bookrunner for the Easton Re issuance, while legal advisory for the deal was provided by Willkie.
“We are extremely pleased to announce the success of our second sponsorship of Easton Re bonds. 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,” Hamilton SVP Hanni Ali (pictured above) said.
Ali highlighted the favorable reception from investors, noting that Hamilton has secured more retrocession than initially targeted and at a better price than original guidance.
“We are encouraged by the continued support and aim to further build on our relationships with ILS investors,” he said.
The Bermuda-based re/insurance group recently highlighted favorable results in its Q4 2023 financial performance, in addition to naming two industry stalwarts to its board of directors.
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