Hamilton Insurance Group Ltd has launched Ada Capital Management Limited, a Bermuda-regulated insurance agent authorised to underwrite on behalf of Ada Re, a newly formed Bermuda-registered special purpose insurer.

Ada Re has secured capital commitments and, subject to regulatory approvals, will provide capacity for high-return collateralised retrocessional reinsurance contracts on a market-facing basis.

It is set to benefit from access to Hamilton’s underwriting expertise, including its proprietary portfolio management and pricing system, Hamilton Analytics & Risk Platform. 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.

Tony Ursano, group chief financial officer and head of strategic partnerships at Hamilton, said: “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.

"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 capitalise on dynamic reinsurance market conditions for the benefit of third-party capital investors."

In a statement, Hamilton Insurance Group said Ada Capital will draw upon the portfolio management expertise and leadership of Hanni Ali, SVP, Strategic Partnerships, working closely with Tim Duffin, Hamilton Re's reinsurance chief underwriting officer, and Susan Steinhoff, Hamilton Re’s SVP, head of property reinsurance.

Willkie Farr & Gallagher LLP and Conyers Dill & Pearman Limited served as legal counsel to the company.