Hamilton Insurance launches underwriting unit for Ada Re

Hanni Ali

Hamilton Insurance Group Ltd. has launched Ada Capital Management Ltd. to underwrite on behalf of Bermuda-registered special purpose insurer Ada Re Ltd., Hamilton said in a statement Monday.

Ada Capital will operate alongside Hamilton’s existing sidecar Turing Re Ltd. and other third-party capital initiatives within the Hamilton ILS platform, part of Hamilton's Strategic Partnerships unit, the statement said.

Ada Capital will be led by Hanni Ali, senior vice president, strategic partnerships, who will work with Tim Duffin, Hamilton Re Ltd. reinsurance chief underwriting officer, and Susan Steinhoff, Hamilton Re senior vice president, head of property reinsurance.

Ada Re, according to Hamilton, “has successfully secured capital commitments and, subject to regulatory approvals, will provide capacity for high-return collateralized retrocessional reinsurance contracts on a market-facing basis.”