HAMILTON, Bermuda--(BUSINESS WIRE)--Aspen Reinsurance (“Aspen Re”), the reinsurance segment of Aspen Insurance Holdings Limited (“Aspen”) (NYSE:AHL), announces that its Aspen Capital Markets division renewed Silverton Re Ltd. (“Silverton Re”) for 2016.
Silverton Re, a Bermuda-domiciled special purpose insurer, was established in December 2013 to provide additional collateralized capacity to support Aspen Re’s global reinsurance business.
Silverton Re was renewed in December 2015 with $125 million of capital raised to write a quota share of Aspen Re’s property catastrophe portfolio for 2016, which compares with the $65 million of capital raised at launch in December 2013 and the $85 million of capital raised in December 2014. Aspen is investing $25 million with the additional funding secured from third-party investors. Aon Securities Inc. acted as the placement agent. The capital is being raised through the issuance of Series 2016-1 Participating Notes which will mature on September 17, 2018.
Silverton Re will enter into a quota share retrocession agreement with Aspen Bermuda Limited and Aspen Insurance UK Limited under which Silverton Re will reinsure a proportionate share of Aspen Re’s globally diversified property catastrophe excess of loss portfolio.
Stephen Postlewhite, Chief Executive Officer, Aspen Re, said: “We are very pleased with the partnerships we are building through Silverton Re. Our aim has been to leverage the expertise within Aspen Re, in underwriting, research, distribution and analysis, and provide investors with access to diversified natural catastrophe risk. We remain confident that the strong relationships we have built will continue to develop as we make further progress in our strategy to increase our operational flexibility in the capital markets.”
This release is not an offer of securities for sale into the United States or elsewhere. No securities may be offered or sold in the United States absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act of 1933, as amended (the “Securities Act”), including pursuant to the private offering exemption provided by Section 4(a)(2) of the Securities Act and the provisions of Regulation D promulgated thereunder.
NOTES TO EDITORS:
About Aspen Reinsurance (“Aspen Re”)
Aspen Re is a business segment of Aspen Insurance Holdings Limited with gross written premiums of $1.2 billion in 2014. Aspen Re offers a broad range of specialty reinsurance products and has a global footprint with offices in the United States, Bermuda, the United Kingdom, Switzerland, France, Germany, Singapore, Ireland and Australia.
About Aspen Insurance Holdings Limited
Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Australia, Bermuda, France, Germany, Ireland, Singapore, Switzerland, the United Kingdom and the United States. For the year ended December 31, 2014, Aspen reported $10.7 billion in total assets, $4.8 billion in gross reserves, $3.4 billion in shareholders’ equity and $2.9 billion in gross written premiums. Its operating subsidiaries have been assigned a rating of “A” (“Strong”) by Standard & Poor’s Ratings Services, an “A” (“Excellent”) by A.M. Best Company Inc. and an “A2” (“Good”) by Moody’s Investors Service, Inc.
Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995
This press release may contain written “forward-looking statements” within the meaning of the U.S. federal securities laws. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as “expect,” “intend,” “plan,” “believe,” “do not believe,” “project,” “anticipate,” “seek,” “will,” “estimate,” “may,” “likely,” “continue,” “assume,” “objective,” “aim,” “guidance,” “outlook,” “trends,” “future,” “could,” “would,” “should,” “target,” “on track” and similar expressions of a future or forward-looking nature.
All forward-looking statements rely on a number of assumptions, estimates and data concerning future results and events and are subject to a number of uncertainties and other factors, many of which are outside Aspen’s control that could cause actual results to differ materially from such statements. For a detailed description of uncertainties and other factors that could impact the forward-looking statements in this press release, please see the “Risk Factors” section in Aspen’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the U.S. Securities and Exchange Commission on February 23, 2015. Aspen undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information
Please visit www.aspen.co.