Appleby, the specialist offshore law firm and fiduciary services provider, has added a new service of relevance to the insurance-linked securities (ILS) industry to its offering, by joining the Bermuda Stock Exchange (BSX) as a listing sponsor.
Appleby is already a prolific law firm in the reinsurance, insurance-linked securities (ILS) and catastrophe bond space, working on many of the transactions, funds and structures domiciled in Bermuda and other offshore jurisdictions.
Earlier this year Appleby launched a new fiduciary business, Appleby Global Services, in response to its clients demand for a one-stop shop for legal and fiduciary services, as well as administration expertise.
Now the Bermuda Stock Exchange (BSX) has announced that Appleby Global Listing Services (Bermuda) Ltd. has joined the BSX as a Listing Sponsor, effective 1st April 2019.
In this role Appleby Global Listing Services will be able to assist ILS and catastrophe bond issuers in listing their notes on the BSX, which as an exchange is already home to a significant majority of outstanding cat bond market deals.
Greg Wojciechowski, BSX President & CEO, commented, “AGS joins a growing group of companies that have identified a commercial opportunity to provide their client base with an exciting listing venue alternative through the BSX. The BSX’s commercially sensible support of listed issuers underpinned by a fully electronic trading and settlement system, coupled with numerous international recognitions has resulted in a significant increase in the listing of a variety of asset classes including international debt and insurance linked securities.”
Tim Faries, Chairman, Appleby Global Services Bermuda, added, “We are pleased to join the BSX as a listing sponsor and look forward to contributing to the growth of Bermuda as a jurisdiction for issuers in both the debt and equity capital markets.”
The Bermuda Stock Exchange (BSX) remains the world’s leading location of listing of insurance-linked securities (ILS), from catastrophe bonds to reinsurance sidecar notes, with its ILS listings breaking records in 2018 to end the year with almost $31 billion of ILS and cat bond transaction volume housed on the BSX.
For some investors listings can make ILS an even more appealing asset class to invest in, due to portfolio requirements for securities to be listed and tradable. The listing on a recognised exchange, such as the BSX, is considered an enhancement to secondary liquidity, as well as providing an added level of rigour and transparency for ILS transactions, to the benefit of the asset class as a whole.
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