Aspen Reinsurance says its Aspen Capital Markets division has established Silverton Re, a special-purpose insurer designed to expand the company's capabilities in the alternative-reinsurance market.
Aspen Re, the reinsurance segment of Aspen Insurance Holdings Limited, says Silverton Re will provide additional collateralized capacity to support the company's global reinsurance business. The company says Silverton Re will be capitalized initially at $65 million with $15 million of funding provided by Aspen Re and additional funding secured from third-party investors.
Aon Benfield Securities, Inc. acted as the placement agent.
Brian Tobben, managing director of Aspen Capital Markets, says, “Our objective is 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.”
Silverton Re will enter into a quota share retrocession agreement with Aspen under which it will reinsure a proportionate share of Aspen's globally diversified property catastrophe excess of loss portfolio, the company says.
James Few, Aspen Re CEO, says, “When we established Aspen Capital Markets earlier this year, our focus was to develop alternative reinsurance structures to leverage our existing underwriting franchise, increase our operational flexibility in the capital markets and develop strong partnerships with new investors. Establishing Silverton Re is the starting point for this strategy and we are excited by the partnerships we are building.”
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
