Bermuda: Tar Heel Re issues $500 million of Series 2013-1 notes

Posted On: Apr. 12, 2013 12:00 AM CST

Bermudian special purpose insurer Tar Heel Re Ltd. has issued $500 million of Series 2013-1 notes, the latest major catastrophe bond listed on the Bermuda Stock Exchange, reports The Royal Gazette.

The notes, assigned a 'B+' rating by Standard & Poor's Corp., cover losses from hurricanes in North Carolina. Their sponsors include the North Carolina Insurance Underwriters Association and the North Carolina Joint Underwriters Association.