Estera Sponsors €120M EU Domiciled Listing

November 19, 2019

Estera Bermuda’s ILS Team has successfully sponsored the listing of the €120M Hexagon II Reinsurance DAC notes.

“The Hexagon II Reinsurance DAC listing is the third EU domiciled ILS deal on the BSX in 2019, and follows the Estera sponsored listing of €45M Atmos Re DAC notes and £75M Baltic PCC notes from Ireland and the UK respectively. To date, there have been six ILS notes originating from foreign issuers listed on the BSX in 2019, with Estera listing all the deals originating in EU/UK,” the company said.

“The Covea Group are the sponsors for the Hexagon II Reinsurance DAC notes. The notes cover weather related perils in France, Monaco and Andorra and are part of a growing trend where non-Bermuda issuers of Insurance-Linked Securities [ILS] are choosing to list on the Bermuda Stock Exchange [BSX].

“Estera Account Manager Irish Aleria led the listing with assistance from Associate Director Sherman Taylor. The Estera ILS team have a combined total of +95 years of ILS experience and are dedicated to the full ILS life-cycle with a comprehensive suite of in-house ILS services that cover compliance, regulatory and governance oversight. The Team have acted on behalf of 55% of all ILS deals on the BSX and have represented the largest ever ILS transaction of US$1.5B. They have also supported over US$30B of public and private ILS deals over the last 12 years.”

Alison Dyer said “We are thrilled to see the BSX continue to attract deals domiciled both in Bermuda and internationally, demonstrating the reputation of Bermuda as a world-class jurisdiction for ILS. Estera continues to be a market leader and has recently expanded its ILS team as well as services, with the recent addition of legal services to offer a comprehensive client-focused service.”

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