The notes from the recently completed Queen Street V Re Ltd. catastrophe bond transaction have been approved for listing on the Bermuda Stock Exchange (BSX). The fifth cat bond from Munich Re in their Queen Street series of transactions, provides them with $75m of cover for U.S. hurricanes and European windstorms. It’s the third new cat bond to list in Bermuda so far this year, with Golden State Re Ltd. listing there in January and Embarcadero Re Ltd. 2012-1 in February.
Appleby Securities (Bermuda) Ltd sponsored the listing of the Notes and has also been appointed ongoing listing sponsor.
James McKirdy, Chief Compliance Officer of the BSX said; “We are delighted to welcome Queen Street V Re Limited Principal At-Risk Variable 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 Notes that are offered to institutional and sophisticated Qualified Investors.”
Mr. McKirdy added; “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 Queen Street V Re Limited, Munich Re and Appleby Securities (Bermuda) Ltd.”