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BSX Approves Listing of Blue Coast Ltd's Principal At-Risk Variable Rate Note Program and Three Notes.
Hamilton, Bermuda - 3 September, 2008 - The Listing Committee of the Bermuda Stock Exchange (BSX) today announced the approval of the listing of Blue Coast Ltd's Principal At-Risk Variable Rate Note Program along with three Series 2008-1 Notes Classes A, B & C issued pursuant to the Program under the Exchange's Restricted Marketing provisions for Qualified Investors and Section V of the BSX Listing Regulations pertaining to International Issuers of Insurance Related Securities.
Blue Coast Ltd is a Cayman Islands exempted company. The purpose of the Principal At-Risk Note Program is to provide the Issuer with funds in order to support its obligations under the respective Risk Transfer Contracts it enters into with the Risk Transfer Contract Counterparty.
The Risk Transfer Contract Counterparty for each Class within a series of notes is Allianz Risk Transfer (Bermuda) Limited, which is a wholly-owned subsidiary of Allianz SE as specified in the Offering Circular Supplement.
Appleby Securities (Bermuda) Ltd. sponsored the listing of both the Program and the initial three Classes of Series 2008-1 Notes.
James Mc Kirdy, Chief Compliance Officer of the BSX stated, "We are delighted to welcome Blue Coast Ltd's Principal At-Risk Variable Rate Note Program and Series 2008-1 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 Program and Notes that are offered to institutional and sophisticated Qualified Investors". Mr. Mc Kirdy continued, "This is the second Program and Notes that have taken advantage of the Exchange's Listing Regulations for Insurance Related Securities. We are delighted that the Bermuda Insurance market is becoming more aware of the listing and capital markets opportunities that exist in Bermuda and with the BSX. We remain committed to providing stock exchange solutions that will help drive the convergence of the global insurance and capital markets here in Bermuda."
Appleby Securities (Bermuda) Ltd. stated that they were very pleased to have assisted Blue Coast with this successful listing.
For further information on the Blue Coast Ltd Principal At-Risk Variable Note Program please contact Rebecca Moses at Appleby on 441-298-3540.