Ariel Re secures $150m of multi-peril retro reinsurance with latest cat bond

Global reinsurer Ariel Re has successfully sponsored its fifth catastrophe bond, Titania Re 2025-1, providing it with $150 million of multi-peril retrocessional reinsurance protection with a state-weighted industry loss trigger over four years.

Consistent with prior transactions, detailed in the Deal Directory of our sister publication, Artemis, the bond offers protection against named storms and earthquakes in the U.S., Puerto Rico, the U.S. Virgin Islands, and Canada. Notably, Titania Re 2025-1 introduces U.S. wildfire coverage for the first time in Ariel Re’s catastrophe bond program.

The bond is ceded by Ariel Re’s Syndicate 1910 at Lloyd’s of London and closed successfully on July 1, 2025.

Ariel Re issued two tranches of Series 2025-1 notes to investors as part of the transaction.

Howden Capital Markets & Advisory acted as the sole structuring agent and joint bookrunner, with Aon Securities LLC acting as joint bookrunner.

Ryan Mather, Chief Executive Officer of Ariel Re, commented, “We are delighted to have successfully issued our fifth catastrophe bond, and we are pleased with the support we have received from the investor community.

“Capital markets investors are an important part of Ariel Re’s strategy, and we are very happy with the stability we have secured through this four-year bond.”

Andrew Kerr, Vice-President of Capital, said, “Ariel Re’s mission is to be the Premier Manager of Reinsurance Risk, and we continue to be a trusted partner for capital markets investors. We are very pleased to have expanded our peril coverage as part of this transaction.”

This transaction also marks the first catastrophe bond placement of the third quarter, following a record-breaking second quarter and first half of 2025 for the cat bond market, as reported by Artemis.

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