The Bermuda Stock Exchange announced the admission of $25 million principal-at-risk variable rate notes yesterday, issued by a Tokio Millenium Re (TMR)-owned and Bermuda-incorporated reinsurer.

TMR retains a Bermuda office, although it completed its redomestication from Bermuda to Switzerland in mid-October last year.

While TMR redomesticated, at that time chief executive officer Tatsuhiko Hoshina planned to oversee the group from the Bermuda office. Shima Reinsurance Ltd, the Bermuda-incorporated entity that issued the notes, acted on behalf of its segregated account, which is called Segregated Account Omamori, in the issuance.

The Shima Re website, describing the relationships, stated: “With Tokio Solution as its manager and Tokio Millennium Re (TMR) as its parent, Shima Re can provide clients with an extremely efficient platform to transform either fronted or direct reinsurance transactions.”

The name Shima was chosen because, in Japanese, ‘shima’ means ‘island’, and the website explained: “ ... which is relevant to the company for a couple of reasons. First, the company was incorporated in the island nation of Bermuda. Contrary to popular belief, Bermuda is not a singular island. It is composed of over 100 separate islands.

“Second and most important, Shima Re is a segregated account company composed of separate cells that are individually ‘ring-fenced’ and kept solvent on a ‘per-segregated account’ basis with no spillover of assets or liabilities with any other cells or its general account. We view each Shima Re segregated account as its own protected island within a larger structure, much like the islands of Bermuda.”

The BSX release stated that the listing classification of the notes are as insurance related securities, and they are offered for subscription to qualified investors.

The date of their admission to listing was 17 January, and they are due January 24, 2017.