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Member, Beacon International Group, Ltd.
Aspen Reinsurance, a unit of Hamilton, Bermuda-based Aspen Insurance Holdings Ltd., announced Monday that its Aspen Capital Markets division has created a special purpose insurer called Silverton Re.
Bermuda-domiciled Silverton Re was created to provide additional collateralized capacity to support Aspen Re’s global reinsurance business, Aspen Re said in a statement announcing the special purpose insurer. 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.
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. Aon Benfield Securities Inc. acted as the placement agent.
“This is an important step as we develop our capabilities in the alternative reinsurance market,” said Brian Tobben, managing director of Aspen Capital Markets, in the statement. “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.”
Aspen Reinsurance, a subsidiary of Aspen Insurance Holdings Ltd., on Tuesday said it has named Jamie Lewis as head of its casualty reinsurance business in London, effective Nov. 1.