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Hamilton Re Ltd., part of Bermuda-based holding company Hamilton Insurance Group, has secured $65 million of collateralized capacity for sidecar Turing Re Ltd., through the issuance of Series 2019-1 preference shares in a syndicated private placement, Hamilton said in a statement Thursday.
Turing Re will provide support for Hamilton Re’s global property treaty reinsurance portfolio, the statement said.
TigerRisk Capital Markets & Advisory acted as sole structuring and placement agent on the transaction and Willkie Farr & Gallagher LLP acted as legal counsel to Hamilton Re, the statement said.
“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,” Hamilton Re CEO Kathleen Reardon said in the statement.
Kathleen Reardon is CEO of Hamilton Re Ltd., the Bermuda-based reinsurance arm of Hamilton Insurance Group Ltd. She is a member of the company's founding management team and has more than 20 years of reinsurance experience, serving from 2005 to 2012 as chief underwriting officer and senior vice president for Ace Tempest Re Ltd.'s Bermuda international property catastrophe reinsurance business. Ms. Reardon is also a 2014 Business Insurance Women to Watch honoree. She recently spoke with Business Insurance Associate Editor Matthew Lerner. Edited excerpts follow.