Hamilton Insurance Group’s Bermuda-based reinsurance arm launched its first special purpose vehicle.

The new entity is Turing Re Ltd., rolled out by Hamilton Re and funded with $65 million in capital raised in a private placement syndicated among multiple investors. Turing Re will provide collateralized capacity for Hamilton Re’s global reinsurance portfolio, specifically its property treaty book of business.

Hamilton Re CEO Kathleen Reardon said that the move reflects “an exciting next step in the evolution of Hamilton Re as a diversified company meeting the needs of our current and future clients.”

TigerRisk Capital Markets & Advisory acted as sole structuring and placement agent for the transaction, with Willkie Farr & Gallagher LLP serving as Hamilton Re’s legal counsel.

Source: Hamilton Re