Hamilton launches Ada Capital & Ada Re for high-return collateralised retro focus

Hamilton Insurance Group has launched Ada Capital Management, a Bermuda-regulated insurance agent authorised to underwrite on behalf of its newly formed special purpose insurer Ada Re, as it seeks to capitalise on the improving reinsurance market conditions.

Ada Re has secured capital commitments, and will look to provide capacity for high-return collateralised retrocessional reinsurance contracts on a market-facing basis.

Ada Capital will operate in addition to Hamilton’s existing sidecar Turing Re and other third-party capital initiatives within the Hamilton ILS platform, which is part of the company's strategic partnerships unit.

It will draw upon the portfolio management expertise and leadership of SVP, strategic partnerships Hanni Ali, working closely with Hamilton Re reinsurance CUO Tim Duffin and Hamilton Re head of property reinsurance Susan Steinhoff.

Ada Re will leverage Hamilton’s underwriting expertise, including its proprietary portfolio management and pricing system, Hamilton Analytics & Risk Platform (HARP).

Tony Ursano, group CFO and head of strategic partnerships at Hamilton, said: “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.

"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 capitalise on dynamic reinsurance market conditions for the benefit of third-party capital investors."