BSX Listing Type:  | Insurance Linked Security |
BSX Listing Status:  | Delisted |
c/o Kane (Bermuda) Limited Cumberland House 1 Victoria Street Hamilton HM 11, Bermuda Attn: Managing Director
The Issuer was incorporated as an exempted company on 13 February 2013 under company number 47415 with registered office address at Canon’s Court, 22 Victoria Street, Hamilton HM12, Bermuda. On 18 March 2013, the Issuer was registered as a Special Purpose Insurer under the Bermuda Insurance Act 1978, as amended.
Purpose of the Offering
The purpose of the offering of the Notes under the Program (individually, an “Offering” and, collectively, the “Offerings”) is to provide the Issuer with funds in order to support its obligations under the respective Retrocession Agreements it enters into with the Ceding Reinsurer.
Use of Proceeds
On the Issuance Date, all of the proceeds paid to the Issuer from the sale of each Class within a Series of Notes will be deposited into a separate Collateral Account or Reinsurance Trust Account and invested in Permitted Investments, as specified in the applicable Confidential Offering Circular Supplement. Funds held in respect of a Class within a Series of Notes in a Collateral Account or Reinsurance Trust Account will be available to satisfy any obligations of the Issuer to the Ceding Reinsurer under the respective Retrocession Agreement, including the Issuer’s obligation to transfer funds and assets to the related Reinsurance Trust Account if such funds are then held in a Collateral Account
The Ceding Reinsurer
The ceding reinsurer is Munich Reinsurance America, Inc. (“Ceding Reinsurer”), a Delaware insurance company, and a wholly-owned indirect subsidiary of Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München which transacts property and casualty reinsurance business in the United States.
Issuance - $500,000,000 Series 2013-1 Class A Principal-At-Risk Variable Rate Notes due 09 May, 2016
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