HAMILTON, Bermuda--(BUSINESS WIRE)--
Aspen Reinsurance (“Aspen Re”), the reinsurance segment of Aspen
Insurance Holdings Limited (NYSE: AHL), announces that its Aspen Capital
Markets division has established Silverton Re.
Silverton Re is a Bermuda domiciled special purpose insurer formed to
provide additional collateralized capacity to support Aspen Re’s global
reinsurance business. Silverton Re will be capitalized initially at
US$65 million with US$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.
Brian Tobben, Managing Director of Aspen Capital Markets, said: “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.”
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.”
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.
NOTES TO EDITORS:
About Aspen Reinsurance (“Aspen Re”)
Aspen Re is a business segment of Aspen Insurance Holdings Limited with
gross written premiums of US$1.2 billion in 2012. Aspen Re offers a
broad range of specialty reinsurance products and has a global footprint
with offices in the US, Bermuda, the UK, Switzerland, France, Germany
and Singapore.
About Aspen Insurance Holdings Limited (“Aspen”)
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, 2012, Aspen reported $10.3 billion in total assets, $4.8 billion in
gross reserves, $3.5 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, an “A” (“Excellent”) by
A.M. Best and an “A2” (“Good”) by Moody’s.
Application of the Safe Harbor of the Private Securities Litigation
Reform Act of 1995
This press release contains "forward-looking" statements regarding
future results and events, including, without limitation, statements
regarding the achievement of Aspen’s business plans. 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,” “project,” “anticipate,”
“seek,” “will,” “estimate,” “may,” “likely,” “continue,” 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,
2012, filed with the U.S. Securities and Exchange Commission on February
26, 2013. Aspen undertakes no obligation to update or revise publicly
any forward-looking statements, whether as a result of new information,
future events or otherwise.
Please visit www.aspen.co
or contact:
or
Investors
Aspen
Kerry
Calaiaro, Senior Vice President, Investor Relations
+1 646-502-1076
Kerry.Calaiaro@aspen.co
or
Aspen
Kathleen
de Guzman, Vice President, Investor Relations
+1 646-289-4912
Kathleen.deGuzman@aspen.co
or
Media
Aspen
Steve
Colton, Head of Communications
+44 20 7184 8337
Steve.Colton@aspen.co
or
International
– Citigate Dewe Rogerson
Caroline Merrell or Jos Bieneman
+44
20 7638 9571
caroline.merrell@citigatedr.co.uk
jos.bieneman@citigatedr.co.uk
or
North
America – Abernathy MacGregor
Carina Davidson, +1 212-371-5999
ccd@abmac.com
Source: Aspen Reinsurance