Hamilton Re has sponsored issuance of its first catastrophe bond.
The reinsurance platform of Bermuda-based holding company Hamilton Insurance Group said that the issuance has taken place through its Hamilton Capital Partners business unit. Specifically, the deal is with Cerulean Re, which provided $60 million of collateralized reinsurance capacity against certain losses from U.S. named storms and U.S. earthquakes. This is across two classes of notes, on an industry loss trigger and per-occurrence basis.
Cerulean is a Bermuda exempted company licensed as a special purpose insurer and registered as a segregated accounts company.
“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,” Hamilton Re CEO Kathleen Reardon said in prepared remarks.
Reardon added: “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.”
GC Securities acted as arranger, sole structuring agent and placement agent. Mayer Brown LLP acted as legal counsel.
Source: Hamilton Re