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Workers comp cat bond notes issued by Golden State Re list in Bermuda


The Golden State Re Ltd. catastrophe bond, which completed recently to provide the California State Compensation Insurance Fund (SCIF) with protection for certain workers compensation claims resulting from major earthquakes, has now had the cat bond notes it issued approved for listing on the Bermuda Stock Exchange (BSX).

The Golden State Re transaction successfully secured $200m of earthquake cover on a per-occurrence basis for the state compensation fund while at the same time becoming the first cat bond deal to cover workers compensation related risk.

The $200m of Series 2011-1 Class A notes which Golden State Re Ltd. issued were approved for listing on the BSX as of 8th December 2011. Appleby Securities sponsored the listing of the notes and continues as listing sponsor.

James McKirdy, Chief Compliance Officer of the BSX said; “We are delighted to welcome Golden State Re 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 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 Golden State Re Ltd. and the Appleby Group.”

Carol Feathers, on behalf of Appleby Securities (Bermuda) Ltd. commented; “Once again, it has been a distinct pleasure to assist in bringing another high quality Insurance Linked Securities (“ILS”) listing to The BSX. The usual co-operation and assistance of BSX personnel made it a very smooth exercise indeed. Appleby Securities (Bermuda) Ltd. looks forward with optimism to working with the BSX on many more ILS listings as Bermuda continues to grow as a choice destination for such listings.”

Full details on Golden State Re Ltd. can be found in our Deal Directory.

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