Golden State Re Ltd’s principal at-risk variable rate note programme has been approved by the Bermuda Stock Exchange’s (BSX) listing committee.The programme, which consists of $200,000,000 Series 2011-1 Class A principal-at-risk variable rate notes due on January 8, 2015.The approval is effective from December 9, 2011.Golden State Re was incorporated with limited liability in Bermuda on October 24, 2011 as a Special Purpose Insurer.The purpose of the principal at-risk note programme is to provide the issuer with funds in order to support its obligations under the respective risk transfer contracts it enters into with the risk transfer contract counterparty.The notes are exposed to losses from a notional portfolio of workers' compensation risks arising out of and directly from earthquake events on an occurrence basis over the risk period.The risk transfer contract counterparty for the notes will be State Compensation Insurance Fund of California.Appleby Securities (Bermuda) Ltd sponsored the listing of the notes and has also been appointed ongoing listing sponsor.James McKirdy, chief compliance officer at the BSX, said: “We are delighted to welcome Golden State Re Ltd principal at-risk variable notes 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 this type of notes that are offered to institutional and sophisticated qualified investors.”He continued: “This is yet another issuance of notes that have taken advantage of the Exchange’s listing regulations for insurance related securities and we are extremely pleased to be working with Golden State Re Ltd and the Appleby Group.Carol Feathers, on behalf of Appleby Securities (Bermuda), said: “Once again, it has been a distinct pleasure to assist in bringing another high quality insurance linked securities (ILS) listing to The BSX. The usual cooperation and assistance of BSX personnel made it a very smooth exercise indeed. Appleby Securities (Bermuda) Ltd looks forward with optimism to working with the BSX on many more ILS listings as Bermuda continues to grow as a choice destination for such listings.”