The Bermuda Stock Exchange (BSX) has approved the listing of Lodestone Re Ltd.'s principal-at-risk variable rate programme and the series 2010-1 Class A and Class B notes due on May 17, 2013.

Lodestone Re, a Special Purpose Insurer formed by Chartis and incorporated and registered in Bermuda last month, offered the notes to raise capital to fund its protection coverage for Chartis against US hurricanes and earthquakes.

The $175,000,000 Series 2010-1 Class A and the $250,000,000 Series 2010-1 Class B notes are exposed to loss events and can be extended by the ceding insurer - National Union Fire Insurance Company of Pittsburgh, a Chartis company.

First Bermuda Securities Ltd. sponsored the listing of the Lodestone Re Ltd. programme and notes.

James McKirdy, chief compliance officer of the BSX, said: "We are delighted to welcome Lodestone Re Ltd. principal-at-risk variable rate programme and notes - due May 17, 2013 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.

"This is the second Bermuda domiciled insurer, and the fifth insurer overall, that has taken advantage of the Exchange's listing regulations for insurance-related securities and we are extremely pleased to be working with Lodestone Re Ltd."

Michael Schroter, of First Bermuda Securities Ltd., said: "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."