Reinsurer was formed to provide collateralised cat cover for members of the Catlin Group
Long Bay Re has announced its intention to float on the Alternative Investment Market (AIM), a sub-market of the London Stock Exchange.
Long Bay Re was formed for the sole purpose of providing fully collateralised reinsurance cover for a select portion of the catastrophe risk portfolio of certain members of the Catlin Group pursuant to the terms of a reinsurance agreement.
The company is a newly established private limited company incorporated under Bermuda law and a Class 3 reinsurer registered under Bermuda law (section 4 of the Insurance Act 1978). It will be managed by Horseshoe Management Ltd., an insurance management service provider based in Bermuda.
The company has appointed Deutsche Bank AG, London Branch as Sole Global Coordinator and Joint Bookrunner, Macquarie Capital (Europe) Limited as Joint Bookrunner and Broker and Fox-Pitt, Kelton Limited as Nominated Adviser in connection with the Placing of the shares in the Company.