Hamilton, the Bermuda based insurance and reinsurance holding company, has lifted its target for its second ever catastrophe bond issuance, now seeking $200 million in collateralized multi-peril retrocessional reinsurance from the transaction.At the same time, we’re told the price guidance has been lowered, with a chance the notes now price below the initial guidance., with a $150 million target for this Easton Re 2024-1 cat bond.Now, the target has risen in response to investor demand, with a $200 million tranche of notes now expected to be issued by the Easton Re Ltd.

vehicle.As a result, Hamilton could benefit from $200 million of retrocessional coverage against losses from U.S., DC, Puerto Rico, and Virgin Islands named storms, as well as U.S.and Canada earthquakes, on an industry loss trigger and per-occurrence basis, over a three year term, through calendar years 2024 to 2026, we’re now told.

The now $200 million of Class A notes come with an initial expected loss of 2.65% and were first offered to cat bond investors with spread price guidance in a range from 8% to 8.75%.We’re now told that the spread price guidance has been lowered to between 7.5% and 8%, so offering Hamilton a chance of pricing the new Easton Re cat bond below guidance.Which would be a strong result for the company and also expand on its soon to mature $150 million cat bond.

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