Munich Re $100m issuance lists on BSX – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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Munich Re $100m issuance lists on BSX

German reinsurance giant Munich Re has listed a $100 million insurance-linked security (ILS) on the Bermuda Stock Exchange (BSX) through its Irish special purpose vehicle.

In a statement released today, the BSX said its Listing Committee had approved the listing of the Queen Street II Capital Ltd issuance of $100 million of principal at-risk variable notes.

Queen Street II is an Irish special purpose vehicle used by Munich Re to issue catastrophe bonds, which provide added capacity for the reinsurer.

The notes listed in Bermuda, which will become due in three years, will provide Queen Street with the funds to meet its obligations to Munich Re.

The transaction is structured under the BSX's listing regulations for International Issuers of Insurance Related Securities.

The BSX has targeted insurance-linked securities as a growth area.

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Published March 23, 2011 at 2:00 am (Updated March 23, 2011 at 1:05 pm)

Munich Re $100m issuance lists on BSX

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