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Report: Special purpose insurer Cerulean Re lists $25M of ILS

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Report: Special purpose insurer Cerulean Re lists $25M of ILS

Special purpose insurer Cerulean Re SAC Ltd. issued and listed $25 million of notes on the Bermuda Stock Exchange under its insurance-linked securities note program, Artemis reported.

The series 2019-E1 principal-at-risk variable-rate notes are due May 31, 2020. Cerulean Re is a private catastrophe bond and ILS issuance vehicle operated by Guy Carpenter & Co. LLC and Marsh Captive Solutions.

Proceeds from the notes sale will be used as collateral to underpin linked reinsurance or retrocession contracts, according to the report.