Hamilton Re secures $65M for sidecar

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.