HAMILTON, Bermuda, June 5, 2017—Hamilton Re, the Bermuda-based operations of Hamilton Insurance Group, today announced that it has established its first special purpose vehicle, Turing Re Ltd. (“Turing Re”). Turing Re will provide collateralized capacity for Hamilton Re’s global reinsurance portfolio.
Turing Re has been funded with $65 million of capital, raised in a private placement syndicated among multiple investors, to provide support for Hamilton Re’s property treaty book of business.
“This transaction represents an exciting next step in the evolution of Hamilton Re as a diversified company meeting the needs of our current and future clients,” said Hamilton Re CEO Kathleen Reardon.
TigerRisk Capital Markets & Advisory acted as sole structuring and placement agent on the transaction. Willkie Farr & Gallagher LLP acted as legal counsel to Hamilton Re.