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Member, Beacon International Group, Ltd.
Bedell Cristin has completed listing the first bond relating to catastrophe reinsurance risk on the Channel Islands Stock Exchange, the provider of legal and fiduciary service announced Wednesday.
The issue is the first private catastrophe bond listed on any exchange worldwide, according to Bedell Cristen. The $52.5 million principal at risk notes are written with a reinsurance treaty from the California Earthquake Authority as the underlying asset on behalf of Solidum Re ICC Ltd.’s Guernsey incorporated cell, Solidum Re Eiger IC Ltd.
“This is an exciting and important development for the Channel Islands Stock Exchange,” said Tamara Menteshvili, chief executive of the stock exchange, in a statement announcing the listing.
“Guernsey already has a leading and mature captive sector in the European time zone, so the listing of high-quality specialist reinsurance securities of this type helps to broaden the scope of the CISX offering, as well as creating new business opportunities for the insurance sector.”