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

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 2022

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.

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2. 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.

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3. 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.

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4. Listing

If the LMC approves the application, the Listing Document is then filed and the securities are admitted to the Official List. 

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Key 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

View our Listing Agents

Listing Rules 

We provide a dedicated all-inclusive rule book which sets out a proportionate disclosure regime for all bond products & structures

View our QIBM Listing Rules

Listing Fees 

We offer payment solutions that can save issuers significant sums on both listing & admin costs versus other European listing venues 

View our QIBM Listing Fees

Continuing Obligations 

Post listing continuing obligations can be located at chapter 3 of the QIBM Listing Rules

View our 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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