Hamilton Re, the re/insurance platform of Bermudian-based holding company Hamilton Insurance Group, has announced that it has secured $65 million of collateralised capacity through the issuance of the Series 2019-1 preference shares from its special purpose sidecar vehicle, Turing Re Ltd in a syndicated private placement.

Turing Re will provide support for Hamilton Re’s global property treaty reinsurance portfolio, the company said in a statement.

“We’re pleased to be able to take this next step in the evolution of Turing Re and our broader third-party capital strategy,” said Kathleen Reardon, chief executive officer of Hamilton Re.

“That we were able to secure this capacity amid more uncertain conditions in the insurance-linked securities market is a testament to the quality of our approach and of our platform.”

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, the company said.