Aspen Re renews Silverton Re for 2016
Aspen Re, the reinsurance segment of Aspen Insurance Holdings, has announced it has renewed Silverton Re for 2016 through its Aspen capital markets division
Silverton Re is a Bermuda-domiciled special purpose insurer which was established in December 2013 to offer additional collateralised capacity to support Aspen Re’s global reinsurance business.
Silverton Re was renewed in December 2015 with $125 million of capital raised to write a quota share of Aspen Re’s property catastrophe portfolio for 2016, which compares with the $65 million of capital raised at launch in December 2013 and the $85 million of capital raised in December 2014.
Aspen is investing $25 million with the additional funding secured from third-party investors. Aon Securities acted as the placement agent. The capital is being raised through the issuance of Series 2016-1 Participating Notes which will mature on September 17, 2018.
Silverton Re will enter into a quota share retrocession agreement with Aspen Bermuda and Aspen Insurance UK Limited under which Silverton Re will reinsure a proportionate share of Aspen Re’s globally diversified property catastrophe excess of loss portfolio.
“We are very pleased with the partnerships we are building through Silverton Re,” said Stephen Postlewhite, chief executive officer, Aspen Re.
“Our aim has been to leverage the expertise within Aspen Re, in underwriting, research, distribution and analysis, and provide investors with access to diversified natural catastrophe risk.
“We remain confident that the strong relationships we have built will continue to develop as we make further progress in our strategy to increase our operational flexibility."