Swiss Re Insurance-Linked Fund Management

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$52m new Blue Capital Global Reinsurance Fund shares list on LSE & BSX


After successfully closing its latest fundraising placement of new shares netting its flagship reinsurance-linked investment fund an additional $52m, Blue Capital Management, the third-party capital management arm of Bermuda based reinsurer Montpelier Re, has now had the new shares in its Blue Capital Global Reinsurance Fund Limited dual-listed on the London and Bermuda stock exchanges.

Last weeks announcement on the new capital raise was for the successful First Closing under a Placing Programme which it initiated on 16 April 2013. The fund has now issued 51,250,000 new Ordinary shares at a price of US$1.02 per share, so raising it $52.275m in new capital.

Yesterday, the shares were admitted for listing on the Specialist Fund Market of the London Stock Exchange. The shares were also admitted as a secondary listing on the Bermuda Stock Exchange as Section IIIA Equity Securities.

Now the focus for Blue Capital Management will move toward the mid-year renewals and seeking to deploy its capital into reinsurance and retrocessional catastrophe risk contracts. Having deployed approximately $66.9m of its initial capital raise largely at the January reinsurance renewals, Blue Capital now has approximately $85.5m of capacity available to deploy at the upcoming mid-year reinsurance renewals.

Blue Capital Management will also begin to think about its next round of capital raising under the current Placing Programme which is likely later this year. Bill Pollett, President and CEO of Blue Capital, told us last week; “We’re likely to be back later in the year with another offering on the placement agreement which is good for 12 months. We’re on target to build this into a significant fund (greater than $300 million) over next few years.”

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