Aspen renews special purpose insurer Silverton Re for 2015
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Aspen Insurance Holdings Ltd.’s Aspen Reinsurance operation’s Aspen Capital Markets division has renewed Silverton Re for 2015, Hamilton, Bermuda-based Aspen announced Friday.
Silverton Re has been renewed for 2015 with $85 million of capital being raised to write a quota share of Aspen Re’s property catastrophe portfolio, Aspen said.
Aspen created Bermuda-domiciled Silverton Re in late 2013 to provide additional collateralized capacity to support Aspen Re’s global reinsurance business. The special purpose insurer capitalized initially at $65 million, with $15 million of funding provided by Aspen Re, and additional funding secured from third-party investors.
Silverton Re will enter into a quota share retrocession agreement with Aspen Bermuda Ltd. under which Silverton Re will reinsure a proportionate share of Aspen Re’s globally diversified property catastrophe excess of loss portfolio.
“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,” said Aspen Re CEO Stephen Postlewhite in a statement. “We are pleased with the progress that we have made in developing strong partnerships with new investors.”
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