Chicago, Dec. 22 – Ariel Re announced that it has sponsored an index-triggered catastrophe bond issued by Bermuda special purpose insurer Titania Re Ltd., according to a press release.
The Rule 144A issue was upsized from $150 million.
The notes will provide multiyear collateralized reinsurance cover to Ariel Re using an indexed industry loss trigger to protect against North American named storms and earthquakes.
TigerRisk Capital Markets & Advisory was the sole structuring agent and joint bookrunner.
Aon Securities LLC was a joint bookrunner.
Ariel Re is a multi-line reinsurer with offices in Bermuda, London and Hong Kong.
| Issuer: | Titania Re Ltd.
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| Sponsor: | Ariel Re
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| Amount: | $175 million
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| Issue: | Series 2021-2 catastrophe bond
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| Bookrunners: | TigerRisk Capital Markets & Advisory and Aon Securities LLC
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| Settlement date: | Dec. 21
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| Distribution: | Rule 144A
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