Tramline Re cat bond lists in Bermuda, takes volume of ILS on BSX to over $3 billion


The recently completed Tramline Re Ltd. catastrophe bond, which doubled in size at close to secure Amlin $150m of cover, has been approved for listing on the Bermuda Stock Exchange (BSX). The addition of this $150m of cat bond notes to the BSX takes the total volume of cat bonds listed on the exchange to over $3 billion.

The BSX has done particularly well in recent months with a number of large cat bonds listing on the exchange showing the effectiveness of Bermuda’s push to attract more of the insurance-linked securities market to the island. Much of the BSX’s growth as a listing location for ILS deals has come about in the last two years as a result of significant marketing efforts and regulatory changes at the Bermuda Monetary Authority to attract issuers. Recent deals which have been domiciled in Bermuda and listed their notes on the exchange include the $575m Compass Re Ltd. deal.

James McKirdy, Chief Compliance Officer at the BSX said; “We are delighted to welcome Tramline Re Ltd. Principal-at-Risk Variable Rate Program and the 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 Notes that are offered to institutional and sophisticated Qualified Investors”. Mr. McKirdy added; “We are extremely pleased to be working with Tramline Re Ltd. Insurance Related Securities listed on the BSX now total in excess of $3 billion.”

Capital G BSX Services Limited acted as listing sponsor for the Tramline Re notes.

The $150m of Tramline Re Ltd. Series 2011-1 notes provide Amlin subsidiary Amlin AG with fully collateralized multi-year industry loss based cover on an annual aggregate basis for certain U.S. hurricane, U.S. earthquakes and European windstorm risks.

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