Ariel Re forays into ILS market with $150m Titania Re

Bermuda-based multi-line reinsurer  Ariel Re has sponsored its first 144A index-triggered catastrophe bond issued by special purpose insurer Titania Re.

Titania Re will provide $150 million of multi-year collateralised reinsurance cover to Ariel Re using an indexed industry loss trigger, protecting against North American named storms and earthquakes.

The cat bond closed on June 16. TigerRisk Capital Markets & Advisory acted as sole structuring agent and joint bookrunner, with Aon Securities acting as joint bookrunner.

Ryan Mather, chief executive officer of Ariel Re, said: “We’re very pleased to announce the success of Ariel Re’s entrance into the cat bond market. This transaction supports Ariel Re in our mission to be the premier manager of reinsurance risk. Titania Re is an important part of our strategy and this partnership with valued ILS investors will benefit those investors, Ariel Re’s clients and our owners.”

Matthew Twilley, head of ceded at Ariel Re, added: “The strong demand from investors enabled us to execute the transaction with confidence; we are encouraged by this support for Ariel Re and aim to build on our relationships with ILS investors.”

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.