Global reinsurance firm Munich Re has listed a $75.578 million Rule 144a tranche of collateralized reinsurance sidecar notes, issued in the recently completed Eden Re II Ltd. transaction, on the Bermuda Stock Exchange (BSX).
As we wrote last week, Munich Re raised a total of $360 million from the Eden Re II Ltd. reinsurance sidecar in a Series 2016-1 issuance. Of the $360 million, a Class A tranche of Rule 144a compliant notes raised $75.578 million and it is these notes that have been listed on the BSX.
Munich Re raised the other $284.422 million in a private offering of Eden Re II Ltd. Series 2016-1 Class B Section 4(a)(2) notes.
The Class A Rule 144a notes issued by Eden Re II were offered to a broader ILS investor base, in a syndicated offering run by Deutsche Bank Securities, while the Class B Section 4(a)(2) notes were offered as part of a private placement to existing investors in Munich Re’s 2015 sidecar transactions.
The $75.578 million of Series 2016-1 Participating Class A Notes, Due 23 April 2019 issued by Eden Re II Ltd. have been listed on the Bermuda Stock Exchange (BSX) classified under Section V as Insurance Related Securities.
For more details on Munich Re’s Eden Re II Ltd. 2016-1 reinsurance sidecar issuance read our previous articles:
For more details on reinsurance sidecar investments and transactions view our list of collateralized reinsurance sidecars.