Monday, May 7, 2012

Largest Ever Catastrophe Bond Issuance, $750 Mil. Florida Hurricane Cover, Lists on Bermuda Stock Exchange

From the Bermuda Stock Exchange:

BSX Approves Listing of Everglades Re Ltd. Variable Rate Note Program & Series 2012-1 Class A Principal At-Risk Variable Notes due April 30, 2014
Hamilton, Bermuda: 04 May 2012 – The Listing Committee of the Bermuda Stock Exchange (BSX) today announced the approval of the listing of the Everglades Re Ltd. (the "Issuer") Principal At-Risk Variable Rate Notes Program ("the Program") effective as of 30 April 2012, and under the Program, the Everglades Re Ltd Series 2012-1 Class A Principal At-Risk Variable Rate Notes Due April 30th, 2014. 

The amount of the Series 2012-1 Class A Principal At-Risk Variable Rate Notes issued was $750,000,000 coming under the Exchange’s Restricted Marketing provisions for Qualified Investors and Section V of the BSX Listing Regulations pertaining to International Issuers of Insurance Related Securities.

Everglades Re Ltd. is a Company established as an exempted company under the laws of Bermuda on 12 March 2012 under company number 46341 with registered office address at the Emporium Building, 269 Front Street, Hamilton, Bermuda, and registered as a Special Purpose Insurer on 2 April, 2012. 

The Ceding Insurer is Citizens Property Insurance Corporation. The Ceding Insurer is a legislatively created government entity that provides residential and commercial property and casualty insurance cover for owners of certain properties in the State of Florida, as specified in Section 627.351(6), Florida Statutes, as amended....MORE
HT: Artemis


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