Ariel Re’s ILS vehicle issues $325m in catastrophe bonds

Bermuda-based Ariel Re’s insurance linked securities vehicle Titania Re has raised $325 million through its 2024 catastrophe bond, almost doubling its initial target. 

The Titania Re Series 2024-1 Class A  and Class B notes were listed on the Bermuda Stock Exchange last week in tranches of $175 million and $150 million respectively. 

The three-year bonds were issued to secure additional capacity from the capital markets for retrocessional reinsurance to protect its Lloyd’s Syndicate 1910 operation. 

Initially, Titania Re was looking for $185 million in capacity, but this swelled to $325 million. The coupons on the two tranches were 6.25% for the Class A notes and 9.5% for the Class B notes, Artemis reported. 

Separately, Artex Axcell Re has listed  $3.9 million in notes denominated in Japanese yen on the BSX. 

The notes are due to expire on April 28, 2025 and have been issued by Artex Risk Solutions’ Artex Axcell Re (Bermuda) transformer and cell facility. 

It was not disclosed what kind of peril the private bonds were designed to cover, or for whom. The listing sponsor was  Ocorian Securities (Bermuda).  

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