NB Re Completes $19.231M Offering On BSX
NB Reinsurance Ltd [NB Re], a Class 3 Bermuda insurance company, has completed an offering of 19,231 non-voting preferred shares issued at $1,000.00 per share on the Bermuda Stock Exchange [BSX] effective June 3, 2019.
“NB Re manages a unique insurance-linked securities [ILS] strategy that seeks returns that are uncorrelated with traditional asset classes, while providing greater transparency and less counterparty risk than other traditional insurance-related strategies,” the company said.
“We are pleased to have received approval from the BSX to be able to bring this innovative structure to our clients,” said Charles Mixon, Managing Director of NB Insurance-Linked Strategies.
“We’d like to thank the team members at the BSX for their support in this listing, as well as our various service providers in Bermuda, such as our listing sponsor, Clarien BSX Services, legal advisor, Conyers Dill & Pearman, and insurance manager, Horseshoe Group.”
Alex Conyers, Vice President of NB Re said, “We believe this transaction represents an important milestone with positive implications for the ILS asset class in Bermuda, further cementing its place at the center of convergence for the insurance and capital markets.”
