A new special purpose vehicle has been registered on the Bermuda Stock Exchange (BSX) ready to issue a $200 million tranche of notes – but the sponsor has not yet been revealed.
Leo Re is a Bermuda special purpose insurer, which would probably be used for a new collateralised reinsurance sidecar transaction. A transaction has been registered on the exchange from a Leo Re segregated account, which has listed $200 million of Series 2017-1 Class A participating notes. The notes have a due date of March 2021.
BSX, Leo Re, Bermuda, Insurance, Reinsurance