Hamilton Re sets up $65 million sidecar

Hamilton Re Ltd., part of Hamilton Insurance Group Ltd., has set up a $65 million sidecar to bolster reinsurance capacity, the reinsurer said Monday.

Turing Re, which is Hamilton, Bermuda-based Hamilton Re’s first special-purpose vehicle, “will provide collateralized capacity for Hamilton Re’s global reinsurance portfolio,” Hamilton Re said in a statement.

Initial capital was raised in a private placement syndicated among multiple investors with TigerRisk Capital Markets & Advisory acting as sole structuring and placement agent on the transaction, according to the statement.

The transaction represents a “next step in the evolution of Hamilton Re as a diversified company meeting the needs of our current and future clients,” Hamilton Re CEO Kathleen Reardon said in the statement.