Aspen Re Renews Silverton for 2015
20 December 2014 - 4:23AM
Business Wire
Aspen Reinsurance (“Aspen Re”), the reinsurance segment of
Aspen Insurance Holdings Limited (“Aspen”) (NYSE:AHL), announces
that its Aspen Capital Markets division has renewed Silverton Re
for 2015.
Silverton Re is a Bermuda-domiciled special purpose insurer
which was established in December 2013 to provide additional
collateralized capacity to support Aspen Re’s global reinsurance
business.
Silverton Re has been renewed for 2015 with $85 million of
capital being raised to write a quota share of Aspen Re’s property
catastrophe portfolio, which compares with the $65 million of
capital raised at launch in December 2013. US$15 million of the
funding is provided by Aspen and additional funding is secured from
third-party investors. Aon Benfield Securities, Inc. acted as the
placement agent. The capital is being raised through the issuance
of Series 2015-1 Participating Notes which will mature on September
18, 2017.
Silverton Re will enter into a quota share retrocession
agreement with Aspen Bermuda 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:
“Our objective when we established Silverton Re was 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. We are pleased with the progress that we have made in
developing 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 Reinsurance (“Aspen Re”)
Aspen Re is a business segment of Aspen Insurance Holdings
Limited with gross written premiums of $1.1 billion in 2013. 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 and Singapore.
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 Bermuda, France, Germany, Ireland,
Singapore, Switzerland, the United Kingdom and the United States.
For the year ended December 31, 2013, Aspen reported $10.2 billion
in total assets, $4.7 billion in gross reserves, $3.3 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 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” 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, 2013 filed with the U.S. Securities
and Exchange Commission on February 20, 2014. 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 informationPlease visit www.aspen.co or
contact:InvestorsAspenKerry Calaiaro, +1 (646) 502
1076Senior Vice President, Investor
RelationsKerry.Calaiaro@aspen.coorAspenKathleen de Guzman, +1 (646)
289 4912Vice President, Investor
Relationskathleen.deguzman@aspen.coorMediaAspenSteve Colton,
+44 20 7184 8337Head of
CommunicationsSteve.Colton@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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