Hamilton Insurance Group, the Bermuda based insurance and reinsurance holding company, has announced the launch of a third-party capital arm named Hamilton Capital Partners and has hired ILS sector specialist Brenton Slade from Horseshoe as Senior Vice President for the new unit.
Hamilton Capital Partners will be tasked with developing Hamilton’s capital management capabilities, as the firm looks to expand its management of reinsurance capacity funded by third-party capital market investors.
Slade, who had most recently worked with specialist ILS facilitator Horseshoe Group, will take on the role of Senior Vice President, Hamilton Capital Partners from June 19th and will report directly to Hamilton Group CFO Jonathan Reiss.
“In today’s evolving market, meeting the needs of our clients presents a host of opportunities for real innovation as far as fully integrated customized solutions are concerned,” explained Hamilton CEO Pina Albo. “Managing capital for third parties is one of these opportunities, and Brent has been at the centre of this burgeoning sector of our industry for almost 15 years. We know his impressive track record will stand us in good stead as we develop Hamilton Capital Partners.”
Slade joins Hamilton after spending four years working at Horseshoe where he was Chief Operating Officer for the firm, with responsibility for leading its business operations in ILS facilitation, risk transformation and other services for collateralized reinsurance activities, with a focus on strengthening the brand, operations, business development and delivering services to clients.
Prior to that, from 2005 to 2013, Slade was a member of the executive committee and Chief Marketing and Capital Markets Officer for Flagstone Reinsurance. In that role he led capital market initiatives including capital structure transactions, ILS, catastrophe bonds and collateralized sidecar businesses, as well as assisting with investor relations and company-wide marketing.
Slade has also worked in the past as an Executive Vice President and Principal of West End Capital Management, a hedge fund and institutional investment manager focused on fixed income arbitrage.
Hamilton launched its first reinsurance sidecar Turing Re Ltd. almost a year ago, capitalising the special purpose insurance vehicle to the tune of $65 million.
As the capital markets and insurance-linked securities (ILS) become increasingly important and integral to global insurance and reinsurance operations, it’s no surprise to see established and growing players such as Hamilton looking to build their own in-house expertise.
Hamilton Capital Partners launch suggests an increasing focus on leveraging third-party capital across the Hamilton insurance and reinsurance brand, which includes Bermuda and Lloyd’s of London entities.
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