Silverton Re raises new cash for Aspen Bermuda quota share

Aspen Re has raised $85 million of new capital to renew its Bermuda-domiciled sidecar, which will be used to write a quota share of Aspen Bermuda’s property-catastrophe portfolio.

Silverton Re, which is managed by Aspen Capital Markets, was established in December 2013 with $65 million of capital.

Of the new $85 million raised, some $15 million is provided by Aspen with additional funding secured from third-party investors.

Aon Benfield Securities acted as the placement agent on the deal. 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 under which Silverton Re will reinsure a proportionate share of Aspen Re’s property catastrophe excess of loss portfolio.

Stephen Postlewhite, chief executive officer of 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.”