The Artemis Collateralized Reinsurance Sidecar Directory provides information on fully-collateralized reinsurance sidecar vehicles established to enable third-party investors to share in the returns of insurance or reinsurance business.
Unsure what a reinsurance sidecar is? Read our explanation here: What is a reinsurance sidecar?
Silverton Re sidecar snapshot
- Reinsurance sidecar: Silverton Re
- Sponsor: Aspen
- Launched: December 2013
- Latest size: ~$92.4m (As at July 2015)
Silverton Re sidecar details
The Silverton Re sidecar was launched in December 2013 by Aspen Capital Markets, a division of Aspen Re with an initial size of $65m. It’s registered as a Bermuda domiciled Special Purpose Insurer (SPI) and launched with $15m capitalisation from Aspen Re, with the remaining $50m being raised via third-party capital investors.
The value of the long-term debt issued by Silverton Re grew in the three quarters after its inception taking its total size to roughly $80m in October 2014. Furthermore, when renewing the sidecar vehicle for 2015 Aspen Capital Markets revealed it had raised a further $20m of third-party investor capital, taking Silverton Re’s total size to $85m, as of December 2014.
The roughly $70m of third-party investor capital raised since the inception of Silverton Re, according to Aspen’s H1 2015 results, increased in value by 7.8% by the end of June 2015. Meaning the fully-collateralized reinsurance sidecar vehicle has a current capital base of ~$92.4m.
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