Aspen Reinsurance on Monday announced that its Aspen Capital Markets division has established Silverton Re to provide additional collateralized capacity to support its global reinsurance business.
The Bermuda-domiciled special purpose insurer 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.
“When we established Aspen Capital Markets earlier this year, our focus was to develop alternative reinsurance structures to leverage our existing underwriting franchise, increase our operational flexibility in the capital markets and develop strong partnerships with new investors. Establishing Silverton Re is the starting point for this strategy, and we are excited by the partnerships we are building,” says Aspen Re CEO James Few.
Source: Aspen Insurance Holdings Ltd.