Hamilton Insurance Group’s Bermuda domiciled subsidiary, Hamilton Re, has announced the establishment of Turing Re Ltd., the company’s first special purpose reinsurance vehicle.
The vehicle, Turing Re Ltd., is the reinsurer’s very first alternative reinsurance capital structure, and will provide collateralized reinsurance capacity for Hamilton Re’s international reinsurance portfolio.
Chief Executive Officer (CEO) of Hamilton Re, Kathleen Reardon, said; “This transaction represents an exciting next step in the evolution of Hamilton Re as a diversified company meeting the needs of our current and future clients.”
The Turing Re vehicle has been launched with $65 million of capital that was raised via a private placement syndicated among multiple investors, and is designed to offer support for the reinsurer’s property treaty book of business.
Turing Re will act as a source of efficient collateralized retrocessional reinsurance for Hamilton Re, while providing the investors in the vehicle with access to returns linked to the reinsurers underwriting performance.
Willkie Farr & Gallagher LLP acted as legal counsel to Hamilton Re, while TigerRisk Capital Markets & Advisory acted as the sole structuring and placement agent on the deal.
