Aspen Re launches £65 million sidecar
Aspen Reinsurance’s capital markets division has established Silverton Re – a Bermuda domiciled special purpose insurer formed to provide additional collateralised capacity to support Aspen Re’s global reinsurance business.
Silverton Re will be capitalised initially at $65 million with $15 million of funding provided by Aspen Re and additional funding secured from third party investors.
“This is an important step as we develop our capabilities in the alternative reinsurance market. Our objective is 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,” said Brian Tobben, managing director of Aspen Capital Markets.
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.
James Few, chief executive officer of Aspen Re, added: “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.”
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Intelligent Insurer
Newton Media Ltd
Kingfisher House
21-23 Elmfield Road
BR1 1LT
United Kingdom