Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

Blue Danube catastrophe bond notes take BSX listed ILS to $3.5 billion


The catastrophe bond notes issued in the recently completed Blue Danube Ltd. transaction have been approved for listing on the Bermuda Stock Exchange (BSX) along with the principal-at-risk variable rate notes program. Two tranches of notes, both of $120m in size have been listed, with both Class A and Class B due on the 10th April 2015. Blue Danube Ltd. provides insurer Allianz with a source of multi-peril capital markets protection on a modelled industry loss basis.

Appleby Securities (Bermuda) have been named as the sponsor of the listing of the Program and the notes which were issued by Blue Danube Ltd. Horseshoe Group act as administrator for the Blue Danube entity.

James McKirdy, Chief Compliance Officer of the BSX stated; “We are delighted to welcome Blue Danube Ltd. Principal At-Risk Variable Notes Program and Notes to the Official List of the BSX. The BSX Listing Regulations for International Issuers of Insurance Related Securities are specifically designed to facilitate the listing of this type of Program and Notes that are offered to institutional and sophisticated Qualified Investors.”

Mr. McKirdy continued, “This is yet another issuance of Notes that have taken advantage of the Exchange’s Listing Regulations for Insurance Related Securities and we are extremely pleased to be working with Blue Danube Ltd, Allianz SE, and Appleby Securities (Bermuda) Ltd.”

With this latest $240m of cat bond notes listing on the BSX it takes the total volume of catastrophe bonds listed on the exchange to $3.5 billion we believe. We arrived at that figure using data from this previous article with the addition of the recent Queen Street V Re Ltd. and this Blue DanubeLtd. cat bond as well. The BSX now lists over $3.8 billion of insurance-linked instruments if you include the share classes of the CATCo Reinsurance Opportunities Fund.

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