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 Compass Re Ltd. Principal-at-Risk Variable Rate Note Program & Notes – Due January 8, 2015
Hamilton, Bermuda: 1st December 2011 – The Bermuda Stock Exchange (BSX) today announced the approval of the listing of Compass Re Ltd. Principal-at-Risk Variable Rate Note Program and the Series 2011-1 Class 1, Class 2, and Class 3 Notes (the Notes) – Due January 8, 2015 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.
Compass Re Ltd., the Issuer, is a Bermuda exempted company licensed as a special purpose insurer under the Bermuda Insurance Act 1978, as amended. Compass Re Ltd. was incorporated in Bermuda as an exempted company on October 11, 2011 and has its registered office at Clarendon House, 2 Church Street, Hamilton, Bermuda.
The purpose of the Offering of the Notes is to obtain capital to deposit into the Collateral Accounts to provide the Issuer with funds to support its obligations under the Reinsurance Agreements with the Ceding Insurer, including its obligation to fund the Reinsurance Trust Accounts.
The $75,000,000 Series 2011-1 Class 1, the $250,000,000 Series 2011-1 Class 2, and the $250,000,000 Class 3 Principal-at-Risk Variable Rate Notes - Due January 8, 2015 are exposed to loss events, as specified in the offering circular and the offering circular supplement. The Notes are also subject to extension at the election of the Ceding Insurer, as described in the offering circular supplement.
The Ceding Insurer is National Union Fire Insurance Company of Pittsburgh. Pa., a Chartis company.
Capital G BSX Services Limited sponsored the listing of the Compass Re Ltd. Principal-at-Risk Variable Rate Note Program and the Notes.
James McKirdy, Chief Compliance Officer of the BSX stated, “We are delighted to welcome Compass Re Ltd. Principal-at-Risk Variable Rate Note Program & Notes – Due January 8, 2015 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, “We are extremely pleased to be working with Compass Re Ltd. Insurance Related Securities listed on the BSX now total in excess of $2.9 billion.
Alex Conyers of Capital G BSX Services Limited noted, “It has been a pleasure to assist in bringing another listing of this type to the Bermuda Stock Exchange. The co-operation and assistance of the BSX Officers again made it a very smooth exercise.”
For further information on the Compass Re Ltd. Principal-at-Risk Variable Rate Note Program please contact Mr. Charles Collis at 441-295-1422 or by email at charles.collis@conyersdill.com or Mrs. Gemma Carreiro at 441-298-7827 or by email at gemma.carreiro@conyersdill.com.