Kaith Re Ltd, acting in respect of its segregated account LI Re, has listed a new bond programme on the Bermuda Stock Exchange (BSX).

A ‘programme’ is an umbrella structure under which separate securities are issued. A person close to the industry explained the separate securities will generally have different attributes, but share the same corporate structure set out in the programme.

Kaith Re, a Hannover Re subsidiary, is a Bermuda-based company. Hannover Re is the third largest reinsurer in the world.

Along with the announcement of the programme, a Segregated Account LI Re Series 2014-1 insurance linked bond has also been listed which is due June 15, 2016, at a nominal amount of US$10,366,852.

The programme and ILS were both listed on October 16 as ‘Section V — Insurance Related Securities,’ and the listing sponsor is Appleby Securities.

BSX chief executive officer Greg Wojciechowski said the BSX now has 105 ILS vehicles listed with an aggregate market capitalisation of over $13.5 billion.

“Bermuda has emerged as a centre of excellence for the creation, incorporation, listing and servicing of ILS products which in large part is due to the depth of Bermuda’s experience in this market segment and the country’s longevity as being a product and service innovator in the insurance and reinsurance industry for a global market,” he said.

“I am delighted to welcome the Kaith Re structure to listing on the BSX.

“The BSX continues to strive to provide world class stock exchange services to the ILS market as well as to our nearly 600 other listed structures such as funds, debt and equity.”