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BSX Approves Listing of Everglades Re Ltd. Variable Rate Note Program & Series 2012-1 Class A Principal At-Risk Variable Notes due April 30, 2014
Hamilton, Bermuda: 04 May 2012 – The Listing Committee of the Bermuda Stock Exchange (BSX) today announced the approval of the listing of the Everglades Re Ltd. (the "Issuer") Principal At-Risk Variable Rate Notes Program ("the Program") effective as of 30 April 2012, and under the Program, the Everglades Re Ltd Series 2012-1 Class A Principal At-Risk Variable Rate Notes Due April 30th, 2014.
The amount of the Series 2012-1 Class A Principal At-Risk Variable Rate Notes issued was $750,000,000 coming 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.
Everglades Re Ltd. is a Company established as an exempted company under the laws of Bermuda on 12 March 2012 under company number 46341 with registered office address at the Emporium Building, 269 Front Street, Hamilton, Bermuda, and registered as a Special Purpose Insurer on 2 April, 2012.
The Ceding Insurer is Citizens Property Insurance Corporation. The Ceding Insurer is a legislatively created government entity that provides residential and commercial property and casualty insurance cover for owners of certain properties in the State of Florida, as specified in Section 627.351(6), Florida Statutes, as amended.
Appleby Securities (Bermuda) Ltd sponsored the listing of the Program and 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 Everglades Re Ltd. Principal At-Risk Variable Notes Program and 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. 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 Everglades Re Ltd., Citizens Property Insurance Corporation, and Appleby Securities (Bermuda) Ltd.
For further information on the Everglades Re Ltd. Principal At-Risk Variable Notes and Program please contact: Mr. Nigel Godfrey at 1(441) 296-8453 or nigel@horsehoe.bm