Ariel Re has sponsored its first 144A index-triggered catastrophe bond issued by Bermuda special purpose insurer Titania Re.
Titania Re is providing $150 million of multi-year collateralised reinsurance cover to Ariel Re using an indexed industry loss trigger, protecting against North American named storms and earthquakes.
The cat bond closed on June 16, 2021. TigerRisk Capital Markets & Advisory acted as sole structuring agent and joint bookrunner, with Aon Securities acting as joint bookrunner.
Matthew Twilley, head of ceded at Ariel Re, said: “The strong demand from investors enabled us to execute the transaction with confidence; we are encouraged by this support for Ariel Re and aim to build on our relationships with ILS investors.”
Ryan Mather, chief executive officer of Ariel Re, added: “This transaction supports Ariel Re in our mission to be the premier manager of reinsurance risk. Titania Re is an important part of our strategy and this partnership with valued ILS investors will benefit those investors, Ariel Re’s clients and our owners.”
Ariel Re operates principally through Syndicate 1910 at Lloyd’s but also offers access to Lloyd’s Brussels via LBS Syndicate 5336.
Ariel Re, Ryan Mather, Matthew Twilley, TigerRisk Capital Markets & Advisory, Aon Securities, Titania Re