Hamilton Re secures collateralized capacity from Turing Re
HAMILTON, Bermuda, April 4, 2019—Hamilton Re, the re/insurance platform of Bermuda-based holding company Hamilton Insurance Group, today announced that it has secured $65 million of collateralized capacity through the issuance of the Series 2019-1 preference shares from its special purpose sidecar vehicle, Turing Re Ltd. (“Turing Re”), in a syndicated private placement.
Turing Re will provide support for Hamilton Re’s global property treaty reinsurance portfolio.
“We’re pleased to be able to take this next step in the evolution of Turing Re and our broader third party capital strategy,” said Hamilton Re CEO Kathleen Reardon. “That we were able to secure this capacity amidst more uncertain conditions in the insurance-linked securities market is a testament to the quality of our approach and of our platform.”
TigerRisk Capital Markets & Advisory acted as sole structuring and placement agent on the transaction. Willkie Farr & Gallagher LLP acted as legal counsel to Hamilton Re.
About Hamilton Re
Hamilton Re is the re/insurance platform for Hamilton Insurance Group, the Bermuda-based holding company for property and casualty insurance and reinsurance operations in Bermuda and at Lloyd’s. The company leverages analytics and research to create underwriting and investment value for its clients and shareholders. For more information, please visit www.hamiltongroup.com | Twitter: @HamiltonInsures | LinkedIn: https://www.linkedin.com/company/hamilton-insurance-group