Ariel Re secures $150m Titania Re cat bond in strategic move

Bermuda-based Ariel Re has launched its fifth catastrophe bond, Titania Re 2025-1, securing four years of multi-peril retro reinsurance protection through a state-weighted industry loss trigger.

The bond provides Ariel Re with $150 million coverage against named storms and earthquakes in the US, Puerto Rico, the US Virgin Islands and Canada. 

Titania Re 2025-1 also includes coverage for US wildfire for the first time.

It is the first time Ariel Re has issued a four-year cat bond, and the company’s Syndicate 1910 at Lloyd’s of London is the ceding company. The bond was closed on July 1, 2025, and Ariel Re issued two tranches of Series 2025-1 notes to investors.

Ryan Mather, chief executive officer of Ariel Re, said: “Capital markets investors are an important part of Ariel Re’s strategy, and we are very happy with the stability we have secured through this four-year bond.”

Andrew Kerr, vice-president of capital, added: “Ariel Re’s mission is to be the Premier Manager of Reinsurance Risk, and we continue to be a trusted partner for capital markets investors. We are very pleased to have expanded our peril coverage as part of this transaction.”

Howden Capital Markets & Advisory acted as the sole structuring agent and joint bookrunner, with Aon Securities LLC acting as joint bookrunner.

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