Hamilton Re, the Bermuda-based reinsurance arm of Hamilton Insurance Group, has successfully completed a renewal of its collateralized reinsurance sidecar vehicle Turing Re, capitalising the special purpose insurance vehicle with another $65 million of third-party capital.
The Turing Re renewal for 2019 is the same size as the previous 2017 issuance from Hamilton Re’s sidecar vehicle and we understand features the cession of a quota share of global property catastrophe reinsurance risks underwritten by the reinsurer to a group of third-party investors.
Sidecars have been a little more difficult to place following the major catastrophe losses of 2017 and 2018, hence Hamilton Re will be pleased with the continued support for its Turing Re sidecar brand in 2019.
The company said that it has secured $65 million of collateralized retrocessional reinsurance capacity through the issuance of Series 2019-1 preference shares from sidecar vehicle Turing Re Ltd.
The preference shares have been placed with investors in a syndicated private arrangement, the company said, ultimately providing support for Hamilton Re’s global property treaty reinsurance portfolio.
“We’re pleased to be able to take this next step in the evolution of Turing Re and our broader third party capital strategy,” commented 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.”
TigerRisk Capital Markets & Advisory acted as the sole structuring and placement agent for this 2019 Turing Re reinsurance sidecar transaction, while Willkie Farr & Gallagher LLP acted as legal counsel to the sponsoring reinsurer.
For more details on reinsurance sidecar investments and transactions view our list of collateralized reinsurance sidecars.
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