ILS issuer NB Reinsurance raises $19.2m in BSX share offering
NB Reinsurance, a Bermuda-based issuer of ILS, has completed an offering of 19,231 non-voting preferred shares on BSX, effective June 3, 2019.
The shares were issued at $1,000.00 per share, to raise $19.2m.
Clarien BSX Services acted as listing sponsor, while Conyers Dill & Pearman served as legal advisor. Horseshoe Group acts as NB Re’s insurance manager.
NB Re, a subsidiary of Neuberger Berman, a US-based asset management company, said ILS provides greater transparency and less counterparty risk than traditional insurance-related strategies.
Alex Conyers, vice president of NB Re, said, “We believe this transaction represents an important milestone with positive implications for the ILS asset class in Bermuda, further cementing its place at the centre of convergence for the insurance and capital markets.”