Aspen Reinsurance, the reinsurance segment of Aspen Insurance Holdings Limited, announced that its Aspen Capital Markets division has renewed Silverton Re for 2015.
Silverton Re is a Bermuda-domiciled special purpose insurer which was established in December 2013 to provide additional collateralized capacity to support Aspen Re’s global reinsurance business.
Silverton Re has been renewed for 2015 with $85 million of capital being raised to write a quota share of Aspen Re’s property catastrophe portfolio, which compares with the $65 million of capital raised at launch in December 2013. US$15 million of the funding is provided by Aspen and additional funding is secured from third-party investors. Aon Benfield Securities, Inc. acted as the placement agent.
The capital is being raised through the issuance of Series 2015-1 Participating Notes which will mature on September 18, 2017.
Silverton Re will enter into a quota share retrocession agreement with Aspen Bermuda Limited under which Silverton Re will reinsure a proportionate share of Aspen Re’s globally diversified property catastrophe excess of loss portfolio.
Stephen Postlewhite, chief executive officer, Aspen Re, said: “Our objective when we established Silverton Re was to partner with the capital markets so that we are able to provide investors with access to diversified natural catastrophe risk backed by the distribution, underwriting, analysis and research expertise of Aspen Re. We are pleased with the progress that we have made in developing strong partnerships with new investors.”
This release is not an offer of securities for sale into the United States or elsewhere, the company said.
Source: Aspen Reinsurance
Topics Carriers Reinsurance
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