Ariel Re secures storm, earthquake coverage through cat bond
- March 16, 2025
- Posted by: Web workers
- Category: Finance
Ariel Re said Wednesday it has secured $175 million of multi-year collateralized reinsurance through a 144A catastrophe bond issued by Bermuda special purpose insurer Titania Re Ltd.
Titania Re Series 2021-2 will provide cover to Ariel Re against North American named storms and earthquakes using an indexed industry loss trigger, Ariel Re said in a statement.
Strong demand from investors allowed the bond to be increased to $175 million from $150 million, according to Daniel Pell, ceded underwriter at Ariel Re.
The Class A Principal At-Risk Variable Rate Notes are due Dec. 27, 2024, and were placed privately, according to a statement Tuesday from the Bermuda Stock Exchange.
Ariel Re placed its first cat bond Titania Re Ltd. Series 2021-1 in June.
Ryan Mather, CEO of Ariel Re, called Titania Re “an important part of our strategy.”
The catastrophe bond closed Dec. 21 with TigerRisk Capital Markets & Advisory as sole structuring agent and joint bookrunner and Aon Securities LLC as joint bookrunner.
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