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ASPEN RE ESTABLISHES SILVERTON RE
Hamilton, Bermuda – 03 December, 2013 – Aspen Reinsurance (“Aspen Re”), the reinsurance segment of Aspen Insurance Holdings Limited (“Aspen” or the “Company”; Ticker: NYSE:AHL; BSX: AHL.BH), 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.
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 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.
For further information please visit www.aspen.co or contact:
Investors
Kerry Calaiaro, Senior Vice President, Investor Relations, Aspen
Kerry.Calaiaro@aspen.co +1 (646) 502 1076
Kathleen de Guzman, Vice President, Investor Relations, Aspen
Kathleen.deGuzman@aspen.co +1 (646) 289 4912
Media
Steve Colton, Head of Communications, Aspen
Steve.Colton@aspen.co +44 20 7184 8337
International – Citigate Dewe Rogerson Caroline Merrell or Jos Bieneman
caroline.merrell@citigatedr.co.uk
+44 20 7638 9571
North America – Abernathy MacGregor
Carina Davidson
ccd@abmac.com +1 (212) 371 5999