Aspen announces property cat agreement with Cayman-based Ajax Re

Aspen has entered into a multi-year property catastrophe reinsurance agreement with Cayman-based special purpose vehicle Ajax Re, to provide up to $100m of coverage for Aspen’s insurance subsidiaries in the event of one or more California earthquakes.

Separately, Aspen will enter into a $100m industry loss warranty to provide protection against US catastrophic wind events. Chris O’Kane, Aspen’s CEO said: “Aspen continues to manage catastrophe risk exposures by using a combination of capital markets and traditional reinsurance.”