$925m of earthquake notes list on BSX
Updated: May 17, 2017 08:00 AM
Taking cover: at-risk variable notes worth $925 million have been listed on the BSX by Ursa Re. The notes cover earthquake risk for the California Earthquake Authority
A total of $925 million in securities on behalf of the California Earthquake Authority were yesterday listed with the Bermuda Stock Exchange.
The two securities were issued by Ursa Re and placed by Swiss Re Capital Markets, which acted as structuring agent and bookrunner, with Aon Securities as joint bookrunner.
The at-risk variable rate notes, one of $500 million and one of $425 million, will collateralise reinsurance agreements that will provide the California authority with a three-year source of reinsurance from capital markets to protect it against losses due to earthquakes.
