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BSX Approves Listing of Embarcadero Reinsurance Ltd. Principal At Risk Notes
Hamilton, Bermuda: August 24th, 2011 – The Listing Committee of the Bermuda Stock Exchange (“BSX”) today announced the approval of the listing of the Embarcadero Reinsurance Ltd. (“Embarcadero Re”) Principal At-Risk Variable Notes program due August 8th, 2014 that constitutes a $150 million dollar issuance 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.
Embarcadero Re is a Bermuda Exempted Company licensed as a Special Purpose Insurer under the Bermuda Insurance Act 1978.
The purpose of the Principal At-Risk Variable Notes program is to provide the Issuer with funds in order to support its obligations under the respective reinsurance contracts it enters into with the ceding Insurer, the California Earthquake Authority, as specified in the Offering Circular.
James McKirdy, Chief Compliance Officer of the BSX stated, “We are delighted to welcome Embarcadero Re Principal At-Risk Variable 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 Notes that are offered to institutional and sophisticated Qualified Investors”.
For further information on the Embarcadero Reinsurance Ltd. Principal At-Risk Variable Note program please email embarcadero@horseshoe.bm