Aspen Reinsurance says its Aspen Capital Marketsdivision has established Silverton Re, a special-purpose insurerdesigned to expand the company's capabilities in thealternative-reinsurance market.
|Aspen Re, the reinsurance segment of Aspen Insurance HoldingsLimited, says Silverton Re will provide additionalcollateralized capacity to support the company's global reinsurancebusiness. The company says Silverton Re will be capitalizedinitially at $65 million with $15 million of funding provided byAspen Re and additional funding secured from third-partyinvestors.
|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 weare able to provide investors with access to diversified naturalcatastrophe risk backed by the distribution, underwriting, analysisand research expertise of Aspen Re.”
|Silverton Re will enter into a quota share retrocessionagreement with Aspen under which it will reinsure a proportionateshare of Aspen's globally diversified property catastrophe excessof loss portfolio, the company says.
|James Few, Aspen Re CEO, says, “When we establishedAspen Capital Markets earlier this year, our focus was to developalternative reinsurance structures to leverage our existingunderwriting franchise, increase our operational flexibility in thecapital markets and develop strong partnerships with new investors.Establishing Silverton Re is the starting point for this strategyand we are excited by the partnerships we are building.”
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