Hamilton secures $200m of named storm & quake retrocession with new cat bond

Bermuda-headquartered Hamilton Insurance Group, Ltd. has sponsored a new catastrophe bond, providing the firm with $200 million of retrocession from the capital markets to protect against U.S and territories named storm and North American earthquake risk.

Easton Re Ltd. (Series 2024-1) is the second catastrophe bond sponsored by Hamilton Insurance Group, and comes as a renewal of its Easton Re 2020 cat bond.

The $200 million deal provides the company’s operating platforms with risk transfer capacity to protect against U.S., DC, Puerto Rico, Virgin Islands named storm risks, and U.S. and Canada earthquake risks.

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

GC Securities, a division of MMC Securities LLC, acted as the sole structuring agent and bookrunner for Easton Re. Willkie served as the deal counsel on the transaction.

Hanni Ali, Senior Vice President, Hamilton, commented, “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.

“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.”

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