Aspen Re Renews Silverton for 2016
December 14 2015 - 8:00AM
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 2016.
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 2015 with $125 million of
capital raised to write a quota share of Aspen Re’s property
catastrophe portfolio for 2016, which compares with the $65 million
of capital raised at launch in December 2013 and the $85 million of
capital raised in December 2014. 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 2016-1 Participating Notes
which will mature on September 17, 2018.
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.
Stephen Postlewhite, Chief Executive Officer, Aspen Re, said:
“We are very pleased with the partnerships we are building through
Silverton Re. Our aim has been to leverage the expertise within
Aspen Re, in underwriting, research, distribution and analysis, and
provide investors with access to diversified natural catastrophe
risk. We remain confident that the strong relationships we have
built will continue to develop as we make further progress in our
strategy to increase our operational flexibility in the capital
markets.”
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 Reinsurance (“Aspen Re”)
Aspen Re is a business segment of Aspen Insurance Holdings
Limited with gross written premiums of $1.2 billion in 2014. Aspen
Re offers a broad range of specialty reinsurance products and has a
global footprint with offices in the United States, Bermuda, the
United Kingdom, Switzerland, France, Germany, Singapore, Ireland
and Australia.
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, France, Germany,
Ireland, Singapore, Switzerland, the United Kingdom and the United
States. For the year ended December 31, 2014, Aspen reported $10.7
billion in total assets, $4.8 billion in gross reserves, $3.4
billion in shareholders’ equity and $2.9 billion in gross written
premiums. Its operating subsidiaries have been assigned a rating of
“A” (“Strong”) by Standard & Poor’s Ratings Services, an “A”
(“Excellent”) by A.M. Best Company Inc. and an “A2” (“Good”) 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, 2014 filed with the U.S. Securities
and Exchange Commission on February 23, 2015. Aspen undertakes no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise.
For further information
Please visit www.aspen.co.
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version on businesswire.com: http://www.businesswire.com/news/home/20151214005087/en/
InvestorsAspenMark Jones, +1 646-289-4945Senior Vice
President, Investor
Relationsmark.p.jones@aspen.coorMediaAspenKaren Green, +44
20 7184 8110Office of the CEOkaren.green@aspen.coorInternational
–Citigate Dewe RogersonCaroline Merrell or Jos Bieneman+44 20 7638
9571caroline.merrell@citigatedr.co.ukjos.bieneman@citigatedr.co.ukorNorth
America –Abernathy MacGregorCarina Davidson or Allyson Vento+1
212-371-5999ccd@abmac.comamv@abmac.com
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