I commented earlier about the article promoting the Cayman Islands as a centre for cat bond and sidecar issuance. In the interest of fairness it’s come to my attention that the Bermuda Stock Exchange (BSX) has listed the Valais Re programme.
It’s been listed as a form of capital raising for the reinsurer Flagstone Re. Valais Re Ltd the SPV is actually a Cayman Islands company though. The BSX hopes this may draw other issuers to list their deals on their exchange, especially as so many deals originate from reinsurers there.
Full story from the Royal Gazette Bermuda.
Note: Surprisingly you do have to go quite far back in our deal directory to find deals with exempted companies specially domiciled in Bermuda.