Three veterans of the Bermuda insurance and reinsurance market who have come together to form Radix Insurance Linked Strategies have had an eventful first week of business.

Hanni Ali, formerly of Hamilton, is the founder and chief executive of the new venture, while former Walkers partner Peter Dunlop is a cofounder, general counsel and chief claims officer, and Dave Berton, also ex-Hamilton, is a cofounder and principal software engineer.

Posting on LinkedIn on Friday, the company said it had publicly launched, completed the first close of venture funding with Arbor Ventures, and received its first reinsurance submissions.

Radix ILS said: “What a week for the Radix ILS team. Can’t wait to see what we can achieve next week.”

Under the heading “Code meets capital”, the company website says: “Radix Insurance Linked Strategies provides our partner capital the opportunity to access reinsurance risk returns by investing alongside our team to benefit from our specialist market knowledge.

“The founding team have deep experience in operating many kinds of insurance vehicles, having done business across the Lloyd’s and Bermuda markets, in specialty insurance, reinsurance, collateralised reinsurance and securities issuance.

“Our team is building a digital-first approach to managing reinsurance risk, improving transaction efficiency for our insureds, intermediaries and capital partners.”

Also on the company site, Radix ILS defined itself as “a new multi-line reinsurance partner.

“Our experienced team aim to develop a high-performance technology platform to enable us to efficiently price, service and allocate capital on behalf of Radix and our investment partners.

“By optimising our capital allocations, we can co-operate with intermediaries to find solutions for some of the most challenging reinsurance placements.

“Our 2025 launch will initially provide capacity for the following products and coverage types: property reinsurance, property retrocession, specialty reinsurance, ILW and parametric, property risk reinsurance, and facultative catastrophe reinsurance.”

Mr Ali spent ten years at Hamilton, most recently serving as group head of ILS and sustainability.

He previously worked for two years at Allied World in Bermuda as AVP, catastrophe risk model developer.

On his LinkedIn page, Mr Ali wrote: “Forming Radix gives me the opportunity to apply my combined mathematics and technology expertise to the reinsurance market, solve the hard problems the reinsurance market can address and manage my own capital and that of our capital partners in an optimal manner.”

Mr Dunlop is a reinsurance lawyer with 28 years of experience across the London and Bermuda markets.

He was formerly a partner at Walkers Bermuda and global head of the Walkers Insurance Group.

From 2012 until 2016, he was a vice-president, underwriter and counsel at XL Catlin.

Mr Berton was a senior software engineer at Hamilton Re from 2017 until 2021.