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.
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