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Hamilton launches U.S. named storm and earthquake cat bond

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cat bond

Hamilton Insurance Group Ltd. has launched its first index-triggered catastrophe bond, the Hamilton, Bermuda-based insurer and reinsurer said Monday.

The Easton Re Pte. Ltd. Series 2020-1 Class A principal-at-risk variable rate notes will provide $150 million of risk transfer capacity to protect against named storm and earthquake risk in the United States from Jan. 1, 2021, to Dec. 31, 2023.

Issued through its Hamilton ILS business unit, the 144A industry loss index-triggered catastrophe bond is Hamilton Insurance Group’s first.

Easton Re was formed in Singapore as a special purpose reinsurance vehicle and is the first index-based transaction approved for issuance by the Monetary Authority of Singapore, which has moved to increase ILS activity there.

Tony Ursano, group CFO at Hamilton, said the bond attracted significant investor interest.

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