Bermuda-based Hamilton Insurance Group has announced the launch of Ada Re, a newly-formed special purpose insurer.
Ada Re has secured capital commitments and will look to provide capacity for high-return collateralised retrocession reinsurance contracts on a market-facing basis.
The newly launched venture will leverage the portfolio management expertise and leadership of Hanni Ali, SVP, Strategic Partnerships; Tim Duffin, Hamilton Re’s Reinsurance CUO; and Susan Steinhoff, Hamilton Re’s SVP, Head of Property Reinsurance.
Hamilton believes this new Bermuda-domiciled business will also benefit from access to its wider underwriting expertise, as well as its proprietary portfolio management and pricing system.
Ada operates in addition to Hamilton’s existing sidecar Turing Re and other third-party capital initiatives within the Hamilton ILS platform, which is part of Hamilton’s Strategic Partnerships unit.
“We are delighted to have successfully established and secured funding for Ada Re, which is another step forward in our ambition to build a leading third-party capital management and ILS franchise over time,” said Tony Ursano, group Chief Financial Officer and Head of Strategic Partnerships at Hamilton.
“Ada Re will give investors immediate access to the improving pricing, terms and conditions, and expected returns in the retro market. The establishment of Ada Re is indicative of our ability to quickly capitalize on dynamic reinsurance market conditions for the benefit of third-party capital investors.”
