Sidley advised Bermuda-based specialty insurance and reinsurance underwriter Hamilton Insurance Group, Ltd. as sponsor in its first 144A industry loss index-triggered catastrophe bond, through the issuance of Series 2020-1 Class A Principal-at-Risk Variable Rate Notes by Easton Re Pte. Ltd.
Easton Re will provide Hamilton’s operating platforms with multi-year risk transfer capacity of US$150 million to protect against named storm and earthquake risk in the U.S.
Formed in Singapore as a special purpose reinsurance vehicle, Easton Re is the first ever index-based transaction approved for issuance by the Monetary Authority of Singapore.
The Sidley team was led by Michael Pinsel (Insurance) and included J.P. Hong and Kat Glor (Insurance), Laura Barzilai and Charles Collier (Tax), and Han Ming Ho (Singapore).