Ariel Re issues catastrophe bond

Ariel Re said Friday it had issued its first 144A catastrophe bond, an index-triggered bond issued by Bermuda special purpose insurer Titania Re Ltd.

Titania Re will provide $150 million of multi-year collateralized reinsurance cover for North American named storms and earthquakes using an indexed industry loss trigger. The notes are due June 21, 2024, according to a listing on the Bermuda Stock Exchange.

The bond closed on June 16 with TigerRisk Capital Markets & Advisory as sole structuring agent and joint bookrunner and with Aon Securities LLC as joint bookrunner.

Matthew Twilley, head of ceded at Ariel Re, cited strong investor demand for the bond.