Aspen Reinsurance, the reinsurance segment of Aspen Insurance Holdings Ltd., says its Aspen Capital Markets division has established Silverton Re.
Aspen Re said Silverton Re is a special-purpose insurer formed to provide additional collateralized capacity to support Aspen Re’s global reinsurance business. Silverton Re will be capitalized initially at $65 million, with $15 million of funding provided by Aspen Re and additional funding secured from third-party investors. Aon Benfield Securities Inc. acted as the placement agent.
Silverton Re will enter into a quota share retrocession agreement with Aspen, under which it will reinsure a proportionate share of Aspen’s property catastrophe excess of loss portfolio, Aspen Re says.
