Hamilton Re secures $65m for sidecar Turing Re amidst "uncertain conditions" in ILS market
Hamilton Re, the re/insurance platform of Bermuda-based holding company Hamilton Insurance Group, has secured $65 million of collateralised capacity through its special purpose sidecar vehicle Turing Re.
The capacity was obtained through the issuance of Series 2019-1 preference shares from Turing Re in a syndicated private placement.
Turing Re will provide support for Hamilton Re’s global property treaty reinsurance portfolio. The special purpose vehicle was established in 2017.
“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.”
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