Insurance Linked Securities
ILS transactions can be listed and traded on our market via our extensive product offering.
A significant number of Insurance Linked Securities (ILS) deals are structured and arranged in Guernsey and we are the local Exchange
We have become home to some extremely innovative ILS Listings.
2011 - Solidum Re Eiger IC Limited
The private cat bond transaction issued by Solidum Re Eiger IC Limited was the first to be listed on any exchange worldwide.
2014 - FWU AG’s Salam III Limited
TISE listed a pioneering programme in the form of European insurance group FWU AG’s Salam III Limited. This unique deal transacted an Islamic bond and was the first securitisation of sharia compliance insurance policies.
2018 - Dom Re IC Limited
We welcomed what is believed to be the first listing, on a regulated exchange, of notes digitised on a blockchain. Dom Re IC Limited issued notes on a private blockchain, ‘ILS Blockchain’ which replaced the traditional settlement system of the issuance of notes.
2021 - Dunant Re IC Limited
The very first humanitarian catastrophe bond covering pure volcanic eruption was completed using a Guernsey ILS structure and listed on TISE. The USD3 million privately placed issuance is sponsored by the Danish Red Cross and was brought to market by Replexus and Howden Capital Markets. The bonds were settled using Replexus’ unique blockchain-based ILS platform, the ILSBlox.
The catastrophe bond covers the risk of eruption of 10 volcanoes across three continents with the capital set to be used to support humanitarian aid in the aftermath of an eruption. Initial investors in the volcano cat bond included ILS specialist managers Plenum Investments, Schroder Investment Management and Solidum Partners.
Case Study
Issuer name:
Dunant Re IC Limited
Security class(es):
Dunant Re Series 2021-1, Class VE USD3,000,000 principal-at-risk, callable, participating notes due 2024
Listing information:
Listing Date: 26-11-2021
ISIN(s): GG00BMG7J671
Nominal Amount: USD3,000,000
Delisting Date: 28-03-2024
Listing Agent:
Replexus (Guernsey) ICC Ltd
Type of TISE Sustainable Admission:
Sustainable Issuer
Credentials:
Guernsey International Insurance Association (GIIA) ESG
Framework Kitemark
Background:
TISE welcomed a world-first, Danish Red Cross-sponsored catastrophe bond to listing on its Qualified Investor
Bond Market (QIBM) and admission to its sustainable market segment, TISE Sustainable.
Dunant Re IC Limited – an Incorporated Cell of Replexus ICC (Guernsey) Limited – issued the first humanitarian catastrophe bond covering pure volcanic eruption. The bonds are settled using Replexus’ unique blockchainbased Insurance Linked Securities (ILS) platform, ILSBlox.
Comment:
“I am delighted with this listing on TISE. TISE provides a cost-effective and efficient process for the admission of bonds to a recognised stock exchange, which is hugely valued by all those involved in the transaction, including the sponsors, the Danish Red Cross, and the investors. We look forward to facilitating further bond issuances which utilise ILS capacity to support humanitarian work via a listing on TISE.”
Cedric Edmonds, Founder and Director at Replexus ICC
To view our ILS brochure please click here: ILS brochure
How to List Bonds on TISE
The submission process
The procedure for listing comprises four stages
1. Satisfying Listing Conditions
Before an application to list a security is considered for submission to TISE, the appointed Listing Agent is required to vet the application against certain conditions for listing prescribed within the QIBM Listing Rules.
Read MoreLess2. Application for Listing
The applicant, through its appointed Listing Agent, must submit certain documents as required by the QIBM Listing Rules. Documentation requirements include a Listing Document (which can also take the form of an existing published prospectus, offering memorandum or equivalent document) together with supporting documentation such as accounts or certain material contracts (where applicable) as well as the TISE 1 Form & Listing Agent’s Declaration.
Read MoreLess3. Approval
All applications for listing will be processed by the team in our Listing Department. Once satisfied with an application they will submit a report, including their recommendations to TISE’s Listing and Membership Committee (LMC) for the LMC’s consideration.
Read MoreLess4. Listing
If the LMC approves the application, the Listing Document is then filed and the securities are admitted to the Official List.
Read MoreLessKey reference points
The key points of reference for the listing process:
Appoint a Listing Agent
A listing application must be made via one of our dedicated listing members
Listing Rules
We provide a dedicated all-inclusive rule book which sets out a proportionate disclosure regime for all bond products & structures
Listing Fees
We offer a bespoke ILS Listing Fee proposition. Please contact us directly for more information
Continuing Obligations
Post listing continuing obligations can be located at chapter 3 of the QIBM Listing Rules
Europe’s most comprehensive sustainable market segment, enabling the flow of capital into investments that promote environmental, social or sustainable activities.
Sustainable
TISE is one of Europe’s leading stock exchanges for international bond listings providing compelling differentiators when compared with other European listing venues.
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