17.12.2025
Texel advises Aareal Bank on its first SRT transaction
The Texel Group, the market leading insurance broker for synthetic securitisation and other structured finance exposures, is pleased to have advised Aareal Bank, a leading international property specialist, on the placement of unfunded protection with the insurance market for its first Significant Risk Transfer (SRT) transaction, synthetically referencing a portfolio of performing European commercial real estate loans (CRE). With this transaction, Aareal Bank offered investors and insurers an opportunity to take exposure to a high-quality €2 billion CRE portfolio.
Alan Ball, Head of Structured and Bespoke Solutions at Texel, commented: “Our dedicated SRT team closed the first ever deal to be syndicated into the market in 2019 and since then, it has been a privilege to lead the education and growth of the insurance market for synthetic securitisation, repacks and other structured finance exposures.
We are delighted that Aareal placed their trust in us to secure an unfunded solution for their first ever SRT transaction and are pleased to have delivered another first for the insurance market with this mandate. The fact that we were able to secure significant support from the insurance market for this transaction is a testament to how far the market has developed since we closed our first transaction six years ago. We very much look forward to continuing our partnership with Aareal.”
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Media contact
Rebecca Young – Head of Marketing & Communications
About Texel’s Bespoke and Structured Solutions team
Texel has been instrumental in the development of the insurance market for synthetic securitisation. We were the first in the insurance market to establish a dedicated SRT team and to date, we have closed transactions which have provided protection on portfolios now exceeding USD 44 billion, across various asset classes. The team is comprised of highly experienced insurance industry veterans, lawyers, underwriters, bankers and structures with extensive transactional experience and have consistently driven growth and education within the market to cover new and innovative asset classes and structures. This expertise, coupled with our focus on creativity and building new structures and products that centre around achieving clients’ outcomes, are what set us apart.
About The Texel Group
The Texel Group (“Texel”) is the leading independent credit and political risk specialist insurance broker based in London, with offices in Brussels, Singapore, New York and Los Angeles. We create innovative, bespoke credit risk insurance solutions for financial institutions, corporations, multilateral development banks and commodity traders.
In 2015 our philanthropic arm – the Texel Foundation – was established. Every year Texel allocates 10% of net profits to the Foundation, which partners with charities and social enterprises that promote health, education, social mobility and artistic opportunity. Since its formation, it has supported 100 programmes across 24 countries.
In 2025 we completed the transition to 100% employee ownership through the creation of the Texel Employee Ownership Trust (the “EOT”). This ensures our long-term independence, protects our unique culture and directly rewards the dedication and hard work of our employees.
Texel received a Bronze medal from EcoVadis in 2025, a company that helps others assess and manage sustainability practices within their supply chain. Texel is also a signatory to the United Nation’s Environment Programme Finance Initiative (UNEP FI) Principles for Sustainable Insurance (PSI). The PSI initiative is the largest collaborative initiative between the UN and the insurance industry.