- Global Network
- Caribbean
- Hamilton
Global Network · Caribbean
Hamilton
Hamilton carries the group's risk transfer. Cedar Wharf Re Ltd. was formed in 2021 to reinsure the biological and agricultural exposures that the origination sectors generate, and IGUAKO Biological Risk Transfer Ltd. has issued insurance-linked notes to institutional investors since 2023. Eleven programmes were in force at 30 June 2026. Four of the six people in the office are actuaries or capital modellers.
The gross limit reinsured through the Bermudian vehicles was US$64 million at 30 June 2026, of which US$18 million was retained on the group balance sheet and the remainder passed to note investors. Pricing is set in this office and reviewed by the Risk & Valuation Committee. Hamilton writes no third-party business outside the group and takes no unrelated risk.
Halvard Brennan-Osei, an independent director of the Board, is based in Hamilton, and his view of the vehicles is formed apart from the people who run them. The office keeps the register of every programme, its trigger, its collateral and its named responsible officer. Reporting to note investors has been quarterly and unbroken since the first issuance.
Functions
- Administration of the collateralised reinsurer and the special purpose insurer
- Capital modelling and pricing for biological and agricultural risk transfer
- Issuance and investor reporting for insurance-linked notes
- Board support for the Bermudian holding company
Office lead
Gideon Falkenrath-Oyibo, Head of Office, Hamilton