Embarcadero Re Notes Listed On BSX
The Listing Committee of the Bermuda Stock Exchange on Monday [Feb.6] announced the approval of the listing of the Embarcadero Reinsurance Ltd. $150,000,000 Series 2012-I Class A Principal-at-Risk Variable Rate Notes due 13 February 2015 under a Variable Rate Note Program.
The approval for listing comes 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.
Embarcadero Re Ltd. is a Bermuda exempted company licensed as a Special Purpose Insurer under the Bermuda Insurance Act 1978.
The purpose of the Principal At-Risk Variable Notes program is to provide the issuer with funds in order to support its obligations under the respective reinsurance contracts it enters into with the ceding insurer — the California Earthquake Authority – as specified in the Offering Circular.
James McKirdy, Chief Compliance Officer of the BSX stated, “We are delighted to once again welcome Embarcadero Re and the Series 2012-1 Principal At-Risk Variable Notes to the Official List of the BSX.
“The BSX Listing Regulations for International Issuers of Insurance Related Securities are specifically designed to facilitate the listing of this type of notes that are offered to institutional and sophisticated qualified investors.”
