Aspen Re Renews Silverton for 2017
December 12 2016 - 8:30AM
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.
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Please visit www.aspen.co or contact:InvestorsAspenMark
Jones, Senior Vice President, Investor Relations,+1 (646) 289
4945mark.p.jones@aspen.coMediaAspenSteve Colton, Head of
Group Communications+44 20 7184 8337steve.colton@aspen.co
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