Hamilton Insurance Group Ltd. announced the launch of Ada Capital Management Ltd., a Bermuda-regulated insurance agent authorized to underwrite on behalf of Ada Re, a new Bermudian special purpose insurer.
Ada Re 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.
Ada Capital operates in addition to Hamilton’s existing sidecar Turing Re and other third-party capital initiatives within the Hamilton ILS platform, which is part of Hamilton’s Strategic Partnerships unit.
“We are delighted to have successfully established and secured funding for Ada Re, which is another step forward in our ambition to build a leading third-party capital management and ILS franchise over time,” said Tony Ursano, group CFO and head of Strategic Partnerships at Hamilton.
“Ada Re will give investors immediate access to the improving pricing, terms and conditions, and expected returns in the retro market. The establishment of Ada Re is indicative of our ability to quickly capitalize on dynamic reinsurance market conditions for the benefit of third-party capital investors,” Ursano added.
Ada Capital will draw upon the portfolio management expertise and leadership of Hanni Ali, senior vice president of Strategic Partnerships, while also working closely with Tim Duffin, reinsurance chief underwriting officer for Hamilton Re, and Susan Steinhoff, SVP, head of Property Reinsurance, Hamilton Re.
Willkie Farr & Gallagher LLP and Conyers Dill & Pearman Limited served as legal counsel to the Company.
Source: Hamilton Insurance Group
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