Hamilton Re secures $65m for sidecar Turing Re

Hamilton Insurance Group's re/insurance platform Hamilton Re has secured $65 million of collateralised capacity through its special purpose sidecar vehicle, Turing Re.

Turing Re will provide support for Hamilton Re’s global property treaty reinsurance portfolio.

The capacity was secured through the issuance of the Series 2019-1 preference shares from Turing Re in a syndicated private placement.

“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.

Reardon suggested that Hamilton Re being able to secure this capacity during what she describes as "more uncertain conditions" in the ILS market is a "testament" to the quality of Hamilton Re's approach and platform.

Bermuda Re+ILS previously  spoke with Brad Adderley, partner at Appleby's Bermuda office, about the uncertainty in the ILS market, which faces issues surrounding building cat losses and trapped capital.