Aspen Re renews subsidiary Silverton Re
Reinsurance firm Aspen Re has renewed its Silverton Re subsidiary for next year with $85 million in capital.
Silverton Re — set up to help investors with access to diversified catastrophe risk — will be used to write a quota share of Aspen Re's catastrophe portfolio.
Aspen Re CEO Stephen Postlewhite 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.”
A total of $15 million was provided by Aspen, with the remaining $70 million raised from outside investors.
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.
Bermuda-based Silverton Re was set up in 2013 as a special purpose insurer with start-up capital of $65 million to provide additional collateralised capacity to back its parent company's global reinsurance business.