Hamilton, Bermuda, February 27, 2023 – Ariel Re, a global reinsurance business with offices in
Bermuda, London and Hong Kong, has announced it has successfully sponsored Titania Re III, the
third issuance from Titania Re Ltd. (Series 2023-1 Notes), with a first-of-its-kind carbon offset
feature.
Titania Re III provides Ariel Re with $125 million of collateralized reinsurance cover for named
storms and earthquakes in all U.S. States, Puerto Rico, the U.S. Virgin Islands and Canada with an
industry loss trigger over three years.
In a first for the cat bond market, Ariel Re will seek to buy carbon offset options from a qualified
provider to generate carbon credits in the event of a significant hurricane or earthquake that
requires a large number of homes, commercial properties and vehicles to be replaced.
There is no rule that requires replacements to have lower carbon emissions, so Ariel Re is using
Titania Re III to mitigate this missed opportunity and buy carbon offsets equivalent to the benefit
that would have come from rebuilding or replacing buildings and vehicles with those which have a
less damaging carbon impact.
Titania Re III is the third cat bond which Ariel Re has sponsored since the initial Titania Re deal in
2021.
Ryan Mather, Chief Executive Officer of Ariel Re, said: “Ariel Re is extremely proud to have
sponsored our third cat bond with a new feature relating to carbon offsets. Our vision is to be the
premier manager of reinsurance risk, and launching environmentally-friendly initiatives such as
Titania Re III for the building back of business and communities in the wake of natural disasters
shows that we can be innovative in the reinsurance solutions we provide to our clients.”
Matthew Twilley, Head of Ceded at Ariel Re, said: “While there is no directive to build back greener,
Ariel Re is taking the initiative to help people and businesses to get back on their feet after natural
disasters in a way that reduces the harm done to the planet. We want to do good while helping
others to do well.”
The cat bond was successfully closed on February 23, 2023. Howden Tiger Capital Markets &
Advisory acted as sole structuring agent and joint bookrunner, with Aon Securities LLC acting as joint
bookrunner.
About Ariel Re:
Ariel Re offers innovative insurance and reinsurance solutions and services through our offices in
Bermuda, London, and Hong Kong, meeting the business needs of a diverse client base. Ariel Re
operates principally through Syndicate 1910 in London and also offers access to Lloyd’s Europe via
Syndicate 5336.
Originally founded in 2005, Ariel Re was acquired by Pelican Ventures and J.C. Flowers in November
2020. The new owners provide Ariel Re with significant capital resources and a long track record of
supporting successful, entrepreneurial businesses in the (re)insurance industry.
About Pelican Ventures:
Pelican Ventures is a private investment firm specializing in start-up and early-stage investments in
the property and casualty (P&C) insurance industry. Our team collaborates closely with world-class
executives to identify, develop, and grow the most promising insurance concepts into impactful and
sustainable businesses. We leverage our expertise to identify the right product-market fit, optimize
the allocation of human and financial capital, and provide ongoing operational advisory and support,
allowing our portfolio companies to focus on scaling their operations and achieving long-term
success.
About JC Flowers:
J.C. Flowers is a leading private investment firm dedicated to investing globally in the financial
services industry. Founded in 1998, the firm has approximately $4 billion of assets under
management. J.C. Flowers has offices in New York, London and Palm Beach with a 21-person
investment staff who have a combined 300+ years of experience. Over its 25-year history, J.C.
Flowers has invested more than $17 billion of capital in 65 portfolio companies in 18 countries
across a range of industry subsectors including banking, insurance and reinsurance, securities firms,
specialty finance, and services and asset management.
Contacts:
Media
Stephen Breen, Rein4ce
+44 7843 076556
Ariel Re Contact Information
Email: marketing@arielre.com
Website: www.arielre.com
Tel: 441-295-5485
