Ariel Re Issues Titania Re Ltd. (Series 2021-1) Class A Notes

Transaction Overview

On June 16, 2021, Ariel Re (“Ariel”) issued a 144A Cat Bond through Titania Re Ltd.

  • 144A Cat Bond issuance
  • Initially announced investor spread of 5.00% – 5.50% with final pricing at 4.50%
  • Bermuda special-purpose insurer providing reinsurance protection to Ariel

All Notes provide annual aggregate event coverage to Ariel across a variety of perils

  • Exposed to events throughout the United States and other North American jurisdictions

Issuance consisted of a $150mm tranche of Series 2021-1 Class A Notes

  • Expected loss (AIR; WSST): 2.23%
  • Initial price guidance: 5.00% – 5.50%; final pricing: 4.50%

TigerRisk Capital Markets & Advisory Role

TCMA acted as Sole Structuring Agent and Joint Bookrunner

  • Sole party responsible for working with client to structure optimal Cat Bond
  • Presented innovative structuring ideas and helped to finalize the structures
  • Assisted in all aspects of the structuring and placement including, but not limited to:
    • Structuring and co-ordination with legal counsel
    • Provided in-depth basis risk results and performed trigger development
    • Finalizing investor presentation and offering documents
    • Managing (virtual) investor roadshow and marketing processes
    • Other various distribution activities