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 renewed Silverton Re Ltd. (“Silverton
Re”) for 2017.
Silverton Re, a Bermuda-domiciled special purpose insurer, was
established in December 2013 to provide additional collateralized
capacity to support Aspen Re’s global reinsurance business.
Silverton Re was renewed in December 2016 with $130 million of capital
raised to write a quota share of Aspen Re’s property catastrophe
portfolio for 2017, which compares with the $125 million of capital
raised in December 2015. Aspen is investing $25 million with the
additional funding secured from third-party investors. Aon Securities
Inc. acted as the placement agent. The capital is being raised through
the issuance of Series 2017-1 Participating Notes which will mature on
September 16, 2019.
Silverton Re will enter into a quota share retrocession agreement with
Aspen Bermuda Limited and Aspen Insurance UK Limited under which
Silverton Re will reinsure a proportionate share of Aspen Re’s globally
diversified property catastrophe excess of loss portfolio.
Thomas Lillelund, Chief Executive Officer, Aspen Re, said: “When we
established Aspen Capital Markets over three years ago, our objective
was to develop alternative reinsurance structures to leverage our
existing underwriting franchise, increase our operational flexibility in
the capital markets and provide investors with direct access to our
underwriting expertise.
“Silverton Re is an integral part of this strategy and gives investors
access to diversified natural catastrophe risk backed by the
distribution, underwriting, analytical and research expertise of Aspen
Re. We are delighted with the progress that Brian Tobben and the Aspen
Capital Markets team have made to date as we continue to develop 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 Insurance Holdings Limited
Aspen provides reinsurance and insurance coverage to clients in various
domestic and global markets through wholly-owned subsidiaries and
offices in Australia, Bermuda, Canada, France, Germany, Ireland,
Singapore, Switzerland, the United Arab Emirates, the United Kingdom and
the United States. For the year ended December 31, 2015, Aspen reported
$11.0 billion in total assets, $4.9 billion in gross reserves, $3.4
billion in shareholders’ equity and $3.0 billion in gross written
premiums. Its operating subsidiaries have been assigned a rating of “A”
by Standard & Poor’s Financial Services LLC, an “A” (“Excellent”) by
A.M. Best Company Inc. and an “A2” 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,” “on track” 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,
2015 filed with the U.S. Securities and Exchange Commission on February
19, 2016. Aspen undertakes no obligation to update or revise publicly
any forward-looking statements, whether as a result of new information,
future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161212005130/en/
Please visit www.aspen.co
or contact:
Investors
Aspen
Mark Jones, Senior
Vice President, Investor Relations,
+1 (646) 289 4945
mark.p.jones@aspen.co
Media
Aspen
Steve
Colton, Head of Group Communications
+44 20 7184 8337
steve.colton@aspen.co
Source: Aspen Reinsurance