Ariel Re Sponsors Titania Re Ltd. (Series 2021 2) Class A Notes

Transaction Overview

On December 21, 2021, Ariel Re (“Ariel”) closed a 144A Cat Bond through Titania Re Ltd.

  • Second Cat Bond issuance by Ariel using Titania Re Ltd.
  • Initially announced investor spread of 6.75% 7.25% with final pricing at 6.50%
  • Transaction was upsized from $150mm to $175mm and spread was tightened
  • Bermuda special purpose insurer providing reinsurance protection to Ariel

The 2021 2 Notes provide index based annual aggregate coverage to Ariel

  • Exposed to named storm and earthquake events in North America

Issuance consisted of a $175mm tranche of Series 2021 1 Class A Notes

  • Expected loss (AIR; WSST): 3.72%

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
  • Introduced innovative and first of its kind optional reset to allow further to minimize basis risk
  • 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