Hamilton Re has launched its first special purpose vehicle with backing of $65 million.

Turing Re will provide collateralised capacity for its parent firm’s global reinsurance portfolio.

Kathleen Reardon, CEO of Hamilton Re, said: “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.”

The vehicle was capitalised with $65 million raised in a private placement syndicated among multiple investors.

Turing Re will provide support for Hamilton Re’s property treaty book of business.