Hamilton Insurance Group has launched a Bermuda-regulated insurance agent Ada Capital Management to underwrite on behalf of its new special purpose insurer Ada Re.

The insurer plan to tap high return business with the new collateralised reinsurer, for which it has already secured capital commitments.

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Ada Re will start offering capacity for high-return collateralised retrocessional reinsurance contracts on a market-facing basis, after receiving regulatory approvals.

Hamilton said it will offer its underwriting expertise, including its proprietary portfolio management and pricing system, Hamilton Analytics & Risk Platform (HARP), to Ada Re.

Ada Capital will operate in addition to Hamilton’s current sidecar Turing Re and other third-party capital initiatives within the Hamilton ILS platform, which is part of the insurer’s strategic partnerships unit.

Hamilton group CFO and head of strategic partnerships Tony Ursano 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.

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“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.”

Willkie Farr & Gallagher and Conyers Dill & Pearman served as legal counsel to Hamilton.

Last year, Property and casualty insurance major Liberty Mutual agreed to sell London-based Pembroke Managing Agency and Ironshore Europe DAC in Dublin to Hamilton Insurance Group.