Following the recent launch of Hamilton Insurance Group’s first casualty reinsurance sidecar, Craig Howie, Group Chief Financial Officer, explained that the sidecar enhances Hamilton’s ability to support casualty reinsurance underwriting through scalable and efficient capital solutions.
The Bermuda-based specialty insurance and reinsurance company, recently launched its first casualty reinsurance sidecar with a plan to cede around $300 million of premium to it over the multi-year duration of structure.
It was also reported at the time that investment capital and asset management responsibilities for the sidecar will be provided by global investment firm Sixth Street.
Speaking during Hamilton’s Q1 2026 earnings call last month, Pina Albo. Chief Executive Officer of the firm, said that the company’s casualty reinsurance sidecar reflects a “proactive approach to capital and portfolio management.”
“This structure allows Hamilton to support targeted casualty reinsurance growth while providing us with an additional source of fee income. The sidecar will provide reinsurance capital over a multi-year period with ceded premium over the duration of the structure projected to be about $300 million,” Albo said.
Later in the call, Howie provided further detail on the strategic value of the vehicle.
“This sidecar enhances our ability to support casualty reinsurance underwriting through scalable and efficient capital solutions, and it also provides Hamilton with an additional source of fee income,” the CFO said.
He continued: “Premium cessions to the sidecar began in the first quarter of 2026 and will continue over a multi-year period and are expected to total about $300 million. You may have noticed that Bermuda retained about 74% of its gross premium written in the first quarter of 2026, compared to 79% in the first quarter of 2025, reflecting the premium ceded to the sidecar.”
During the Q&A portion of the call, attention turned towards the upcoming mid-year renewals, where Albo shared what Hamilton’s appetite is as the market begins to head towards the key season.
“The upcoming 6/1 renewals are largely Florida driven, and the 7/1 renewals are largely national accounts. Regarding the Florida only market, this is not a big part of our portfolio, and I don’t expect that to change at the coming 6/1,” Albo explained.
“We do, however, use our Ada Re third-party capital arm to service Florida renewals, and that will be the vehicle that we use to address Florida this renewal as well. But predominantly, our focus is on key clients at the 7/1 renewals, and these are clients with whom we enjoy broad trading relationships. So across classes, we expect pricing at mid-year to be more of the same, but we also expect the terms, conditions and attachment points to largely hold.
“And just as a reminder here, the pricing again, as I said earlier, comes off historic highs, after the market reset where pricing went up materially. So, even with some pricing pressure at 7/1, we expect the rates on the accounts that we renew to be more than adequate,” Albo concluded.
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