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Aspen Re renews special purpose insurer for 2017

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Silverton Re, a Bermuda-domiciled special-purpose insurer, has been renewed with $130 million of capital raised to write a quota share of Aspen Reinsurance’s property catastrophe portfolio for 2017, Aspen Insurance Holdings Ltd. said Monday.

Silverton Re was established in December 2013 to provide additional collateralized capacity to support Aspen Re’s global reinsurance business, Hamilton, Bermuda-based Aspen Insurance, Aspen Re’s parent, said in its statement.

The $130 million in capital compares with $125 million of capital raised in December, 2015, Aspen Insurance said.

Of the $130 million, Aspen is investing $25 million, with the additional funding secured from third-party investors.
 
Silverton Re will enter into a quota share retrocession agreement with Aspen Bermuda Ltd. and Aspen Insurance UK Ltd. under which Silverton Re will reinsure a proportionate share of Aspen Re’s globally diversified property catastrophe excess of loss portfolio, the holding company said.