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BSX Approves Listing of Queen Street V Re Limited Principal At-Risk Variable Notes due April 9, 2015
Hamilton, Bermuda: 01 March 2012 – The Listing Committee of the Bermuda Stock Exchange (BSX) today announced the approval of the listing of the Queen Street V Re Limited Principal At-Risk Variable Notes due April 9th, 2015 that constitutes a $75 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. The listing is effective as of 27 February 2012.
Queen Street V Re Limited was established as a Bermuda exempted company on the 16th January 2012 under company 46181 and registered as a Special Purpose Insurer on the 3rd of February 2012, under The Bermuda Insurance Act 1978, as amended. The purpose of the Principal At-Risk Notes 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 the Notes will be Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München ("Munich Re") specified in the applicable Offering Circular Supplement.
Appleby Securities (Bermuda) Ltd sponsored the listing of the Notes and has also been appointed ongoing listing sponsor.
James McKirdy, Chief Compliance Officer of the BSX stated, "We are delighted to welcome Queen Street V Re Limited 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".
Mr. McKirdy continued, "This is yet another issuance of Notes that have taken advantage of the Exchange’s Listing Regulations for Insurance Related Securities and we are extremely pleased to be working with Queen Street V Re Limited, Munich Re and Appleby Securities (Bermuda) Ltd.
For further information on the Queen Street V Re Limited Principal At-Risk Variable Notes please contact Mr. Daron Skipper at Marsh +1 441 292 4402 or Daron.Skipper@marsh.com