Hamilton Re sponsors its first cat bond

Bermuda-based re/insurance provider Hamilton Re has sponsored its first catastrophe bond, through Hamilton Capital Partners.

The series 2019-1 principal at-risk variable rate notes were issued by Cerulean Re SAC, a special purpose insurer, acting in respect of the segregated account designated as Easton 2019-1.

Easton 2019-1 provides Hamilton Re with $60 million of collateralised 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.

Kathleen Reardon, CEO at Hamilton Re, said: “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.”

GC Securities acted as arranger, sole structuring agent and placement agent, while Mayer Brown served as legal counsel.