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Hamilton Re forms $65mn Turing Re sidecar

June 05, 2017

Hamilton Re has announced the launch of its first special purpose vehicle (SPV), Turing Re, which will provide $65mn of collateralised capacity for its global reinsurance portfolio. Turing Re has been funded by capital that was raised in a private placement syndicated among multiple investors. The sidecar will support Hamilton Re’s property treaty book.

TigerRisk Capital Markets & Advisory acted as sole structuring and placement agent on the transaction, while Willkie Farr & Gallagher LLP acted as legal counsel to Hamilton Re.

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,” remarked Hamilton Re CEO Kathleen Reardon.

Last month, AIG agreed to cede up to $150mn of reinsurance premium per annum for six years to Hamilton Re as part of a broad memorandum of understanding between the two carriers that was announced in line with Brian Duperreault’s appointment as the new AIG CEO.

The volume of ceded premium available to Hamilton Re will rise by seven percent each year over the six-year period.