Aspen Reinsurance's Aspen Capital Markets division has renewed Bermuda-domiciled special-purpose insurer Silverton Re Ltd. for 2017.

Silverton Re was established in 2013 to provide additional collateralized capacity to support Aspen Re's global reinsurance business. It was renewed with $130 million of capital raised to write a quota share of Aspen Re's property catastrophe portfolio for 2017, compared with $125 million of capital raised in December 2015. The capital is being raised with the issuance of Series 2017-1 participating notes which will mature Sept. 16, 2019.

Aspen Insurance Holdings Ltd. is investing $25 million with the additional funding secured from third-party investors. Aon Securities Inc. acted as the placement agent.

Silverton Re will reinsure a proportionate share of Aspen Re's property catastrophe excess of loss portfolio under a quota share retrocession agreement with Aspen Bermuda Ltd. and Aspen Insurance UK Ltd.