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 has renewed Silverton Re for 2015.
Silverton Re is a Bermuda-domiciled special purpose insurer which was established in December 2013 to provide additional collateralized capacity to support Aspen Re’s global reinsurance business.
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, which compares with the $65 million of capital raised at launch in December 2013. US$15 million of the funding is provided by Aspen and additional funding is secured from third-party investors. Aon Benfield Securities, Inc. acted as the placement agent. The capital is being raised through the issuance of Series 2015-1 Participating Notes which will mature on September 18, 2017.
Silverton Re will enter into a quota share retrocession agreement with Aspen Bermuda 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: “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. We are pleased with the progress that we have made in developing strong partnerships with new investors.”
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 $1.1 billion in 2013. 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 and Singapore.
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 Bermuda, France, Germany, Ireland, Singapore, Switzerland, the United Kingdom and the United States. For the year ended December 31, 2013, Aspen reported $10.2 billion in total assets, $4.7 billion in gross reserves, $3.3 billion in shareholders’ equity and $2.6 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” 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, 2013 filed with the U.S. Securities and Exchange Commission on February 20, 2014. Aspen undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.