Insurance-Linked Securities | Bermuda Stock Exchange | BSX

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Insurance-Linked Securities

The Bermuda Stock Exchange is the global leader in the listing of Catastrophe Bonds and other Insurance-linked Securities (ILS), reinforcing Bermuda’s reputation as the “world’s risk capital” and a leading financial centre for (re)insurance finance.

Why List on BSX?

Globally Accredited

Recognised in the US, UK, Ireland, Canada and Australia, offering a regulated listing venue that qualifies for the UK and Ireland Quoted Eurobond Exemption.

Industry Leader

Known as the “world’s risk leader,” Bermuda is the leading property and catastrophe market globally and a centre of excellence for the creation, support and listing of ILS vehicles.

World-class Listing and Trading Platform

Internationally recognised listing platform for more than 50 years.

Global Leader in ILS Listings

Home to over 90% of the world’s ILS listings.

Trusted Partner

Working with the ILS community for more than 15 years.

How to List

1. Appoint a Listing Sponsor（https://www.bsx.com/listing-sponsors） – to liaise with the BSX. Direct submission is possible by an experienced listing services provider if agreed in advance with the BSX.

2. Meet the conditions and disclosure requirements. – The Listing Sponsor will check the application against the conditions for listing and disclosure requirements as outlined in the Debt Listing Regulations（https://www.bsx.com/Debt%20Listing%20Regulations.pdf）.

3. Submit the Listing Application – a draft for approval in principle or final submission (comprised of the relevant application form for a new programme or standalone note（https://www.bsx.com/Application Form – Programme (and Notes) and Standalone Notes） or application form for a listing pursuant to a programme（https://www.bsx.com/Application Form - Listing pursuant to an approved Programme） and other documents) depending on the stage of the transaction.<

4. Feedback – on first submission the Listing Team will provide comments within 3 business days. On subsequent submissions comments will be provided within 2 business days.

5. Approval – once comments are sufficiently addressed, the Listing Team makes a recommendation to the Listing Committee. Following this submission, the timeline for approval in principle or final listing is: a. For new programmes or stand-alone notes - 7 business days. b. On subsequent notes from an approved programme – same or next business day. Note – it is possible to go straight to final approval and admission to listing if all documents are in final form (subject to no comments from the BSX).

6. Approval in principle process – the BSX provides an approval in principle option with draft documents enabling an issuer to give potential investors certainty that the securities will be listed assuming conditions are met.

7. Admission to listing – As most ILS transactions seek prior approval in principle using draft documentation, admission to listing is usually on the same day as the transaction closes assuming final executed forms and documentation are received.

For more information see the Guidelines to the Debt Listing Regulations（https://www.bsx.com/Guidelines%20to%20the%20Debt%20Listing%20Regulations.pdf） .

Required Documents

For approval in principle: Documents may be in draft*. For more information see the Debt Listing Regulations（https://www.bsx.com/Debt Listing Regulations.pdf） and the Guidelines to the Debt Listing Regulations（https://www.bsx.com/Guidelines to the Debt Listing Regulations）:

New Programme or Standalone Notes Listing Application Form（https://www.bsx.com/Application Form – Programme (and Notes) and Standalone Notes）* or Subsequent Issue – Application Form（https://www.bsx.com/Application Form - Listing pursuant to an approved Programme）

Listing Document (e.g. offering circular and BSX wrapper* (if applicable))

Financial information (if applicable)

Completed ILS Disclosure Checklist – Programme (& Notes) or Standalone Note（https://www.bsx.com/ILS Disclosure Checklist.docx）* or Subsequent Issue – ILS Disclosure Checklist（https://www.bsx.com/Subsequent Issue - Disclosure Checklist - ILS）

Certified documents to identify the legal entity, beneficial owners and directors (for AML and CTF purposes)

For final approval:

Executed New Programme or Standalone Notes Listing Application Form（https://www.bsx.com/Application Form – Programme (and Notes) and Standalone Notes）* or Subsequent Issue – Application Form（https://www.bsx.com/Application Form - Listing pursuant to an approved Programme）

Listing Document (e.g. offering circular and BSX wrapper* (if applicable))