"We Applaud The BSX in their efforts to develop a truly international offshore capital market," commented Brian Duperreault, ACE's chairman, president and chief executive officer. "Our secondary listing on The BSX provides an offshore trading venue for our shares and reaffirms our commitment to Bermuda as a our international business base."
Ms. Audette Exel, the Chairman of The BSX stated "We are delighted to welcome ACE to The BSX. ACE is the first publicly-traded insurance company to list under our newly introduced International Listing Regulations.. We are grateful to ACE for their support in the development of The BSX and we intend to ensure that The BSX becomes an active secondary market for insurance related securities, including securitised risk products."
The BSX has recently implemented a new strategic plan and intends to become the world's first truly international, electronic, offshore securities market. The BSX is currently exploring the potential to list new insurance products which represent a "securitisation of insurance risk" including derivatives and other specialised securities. Over 1300 international insurance and reinsurance companies, with total assets in excess of U. S. $76 billion, are based in Bermuda. Net premiums written, which indicate the volume of insurance business retained by the market, reached U.S. $14.9 billion according to the 1994 Statutory Financial Returns filed with the Bermuda Registrar of Companies.
The BSX is the only stock exchange in Bermuda, with 29 local companies, 12 international companies, 56 funds and 6 debt issues currently listed. The total market capitalization of all securities listed on The BSX as at February 16, 1996 is in excess of U.S. $ 18 billion.
ACE Limited, through its wholly-owned insurance subsidiaries, is the leading provider of high level excess liability insurance. ACE also offers satellite, aviation and excess property insurance, financial lines and the reinsurance of First Line. The Bermuda-based company provides coverage to a diverse group of the world's largest enterprises. ACE Limited is listed on the New York Stock Exchange and at December 31, 1995 ACE had in excess of $ 1.5 billion in shareholder's equity and in excess of $3.4 billion in assets.