This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.
BSX Approves Listing of Merna Reinsurance II Ltd. Principal-at-Risk Variable Rate Notes - due April 8, 2013
Hamilton, Bermuda: 15 April 2010 – The Bermuda Stock Exchange (BSX) today announced the approval of the listing of Merna Reinsurance II Ltd. Principal-at-Risk Variable Rate Notes – due April 8, 2013 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, effective 31 March 2010.
Merna Reinsurance II Ltd., the Issuer, is a Special Purpose Insurer formed pursuant to the Bermuda Insurance Act, 1978, as amended.
The purpose of the Offering of the Notes is to obtain capital to deposit into the Collateral Account to provide the Issuer with funds to support its obligations under the Reinsurance Agreement with the Ceding Insurer, including its obligation to fund the Reinsurance Trust Account.
Merna Reinsurance II Ltd. was incorporated in Bermuda as an exempted company – registration number 44025, with its registered office at Clarendon House, 2 Church Street, Hamilton, Bermuda.
The Principal At-Risk Notes 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 $350,000,000 Principal-at-Risk Variable Rate Notes due April 8, 2013 (the “Notes”) are exposed to loss events, as specified in the offering circular. The Notes are subject to extension at the election of the Ceding Insurer, as described in the circular.
The Ceding Insurer is State Farm Fire & Casualty Company.
First Bermuda Securities Limited sponsored the listing of Merna Reinsurance II Ltd. Principal-at-Risk Variable Rate Notes – due April 8, 2013.
James McKirdy, Chief Compliance Officer of the BSX stated, “We are delighted to welcome Merna Reinsurance II Ltd. Principal-at-Risk Variable Rate Notes – due April 8, 2013 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 Notes that are offered to institutional and sophisticated Qualified Investors”. Mr. McKirdy continued, “This is another example of these securities that have taken advantage of the Exchange’s Listing Regulations for Insurance Related Securities and we are extremely pleased to be working with Merna Reinsurance II Ltd.
Michael Schroter of First Bermuda Securities Ltd. noted, “It has been a pleasure to assist in bringing another listing of this type to The Exchange. The co-operation and assistance of the BSX Officers made it a very smooth exercise.”