The International Stock Exchange (TISE) has approved its first Insurance Linked Securities (ILS) specialist as a member firm.
Solidum Re (Guernsey) ICC Limited, a wholly-owned subsidiary of ILS manager Solidum Partners AG, has become a Category 1 and Category 2 sponsor, which enables the company to arrange and sponsor the listing of debt securities and investment vehicles, respectively, on TISE.
It is also the first time that the core of an Incorporated Cell Company (ICC) has been admitted as a member of TISE.
Fiona Le Poidevin, CEO of The International Stock Exchange Group, said: “I am delighted to welcome Solidum Re as a member of TISE. We have already become home to some world-first listed ILS transactions but this is the first time that a specialist in the space has been approved as a member of TISE. This is a ground-breaking development which demonstrates our innovative approach and reinforces the fact that we not only have experience in listed ILS and ILS funds but that we are open to more of this type of business.”
In 2011, Solidum Re Eiger IC Limited was admitted to Exchange’s Official List in what was the first private cat bond transaction to be listed on any exchange worldwide. Since then, TISE has also become home to the world’s first ever securitisation of takaful(Sharia compliant) insurance policies. TISE is also currently home to two ILS funds from ILS manager Securis.
Cedric Edmonds, Director of Solidum Re, said: “I am extremely pleased that we have been approved as a member of TISE. We have had issuances listed on the Exchange in the past and so it is fantastic that now we have become a member firm in our own right and as such, we will be able to sponsor the listing of debt securities and investment vehicles on TISE.”
Last year, Mr Edmonds announced that Dom Re IC Limited, a cell of Solidum Re, had issued what he believed to be the first notes ever to have been digitised on a private blockchain. Referred to as ‘ILSBlockchain’, the mechanism replaced the role of a traditional settlement system for the note issue.
Mr Edmonds added: “It is also very exciting to be part of another set of firsts and I am looking forward to bringing more innovative ILS transactions to an exchange that combines cost-effectiveness and convenience with global standards and international recognitions.”
TISE’s international recognitions include those from the UK tax authority, HMRC, and the German regulator, BaFin. These recognitions and others expand the potential range of investment, for example including from UCITS funds, into the listed ILS.
There are currently more than 2,600 securities in total on TISE’s Official List.