A set of ILS securities totalling 255 million euros ($265 million) has been admitted for listing on the Bermuda Stock Exchange.

The principal at-risk variable rate notes from Horse Capital I DAC are due in June 2020. There are three tranches of notes, representing lower to higher risk levels, with Class A at the lower risk end. Each tranche of notes is 85 million euros.

Issuer Horse Capital I is registered in Ireland. The cedent is Italy’s Assicurazioni Generali, and the risk covered by the notes is said to be motor third-party liability losses.