Bermudian insurance-linked securities group Horseshoe has yesterday sponsored at $20 million insurance-linked security, listed on the Bermuda Stock Exchange.

The listing is issued by Eclipse Re, a new company designed to bring turnkey reinsurance ILS market services to investors and sponsors.

Eclipse Re, set up by Horseshoe with boutique insurance investment banking specialists Rewire Securities, will be used to provide collateralised reinsurance participation in a listed note format.

Horseshoe subsidiary Horseshoe Corporate Services, which recently became a Bermuda Stock Exchange listing sponsor, acted as sponsor for a $20 million security issued by Eclipse on the BSX yesterday.

Andre Perez, the CEO of Horseshoe Group, said at the launch of Eclipse in February: “As the leading full-service ILS service provider, Horseshoe continues its commitment to being responsive to clients’ needs and providing the highest level of innovative and efficient professional services.

“Eclipse Re will provide a vehicle for investors to participate in the collateralised reinsurance market with the benefit of liquidity not previously available through traditional platforms.

“We are excited to support the BSX as a listing sponsor and launching this product to expand our broad capabilities in the ILS marketplace.”

Eclipse Re is expected to attract sponsors such as insurers, reinsurers, corporates and funds, working with investors on the other side of the deal, all of whom who will benefit from an ILS issuance structured by Rewire and administered by Horseshoe.

ILS and reinsurance notes issued by Eclipse Re can be structured in as short a timeframe as two to three weeks, the pair said, offering provide sponsors am efficient and low-cost way to access the ILS and capital markets in reinsurance.

The new platform will allow sponsors and investors to more easily transform and securitise reinsurance risks into an investable and transferable note form.