HAMILTON, Bermuda, April 5, 2016 /PRNewswire/ -- Iris Reinsurance Ltd., a Class 3 Bermuda insurance company ("Iris Re"), announced today the listing of a new class of non-voting preferred shares on the Bermuda Stock Exchange. This innovative listing permits qualified investors to participate in Iris Re's specialized insurance programs.
Founded in 2009, Iris Re provides institutional investors with risk-adjusted returns uncorrelated to traditional asset classes by underwriting parametric and index-based insurance and reinsurance, primarily through industry loss warranties ("ILWs"). ILWs are short-term contracts that are fundamentally uncorrelated with other financial asset classes and present limited counter-party and adverse-selection risk.
Since inception to the end of 2015, Iris Re has produced annualized underwriting returns of over 12%, generating returns from 11% to 14% in each calendar year.
Charles Mixon, Director of Iris Re, noted, "Listing shares of Iris Re on the Bermuda Stock Exchange allows qualified investors to access our strategy and is a useful complement to our fund offerings. We believe that an investment in Iris Re can add both diversification and attractive risk-adjusted returns to an investment portfolio. We credit the BSX for its strong support of this innovative offering."
Appleby (Bermuda) Limited and Clarien BSX Services Ltd advised Iris Re on the listing.
About Iris Re
Iris Re is an affiliate of the Cartesian Re group of companies and is sponsored by Cartesian Capital Group, LLC, a global private equity firm with over $2 billion in commitments under management. Iris Re is based in Hamilton, Bermuda. Learn more at www.iris-re.com.
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SOURCE Iris Reinsurance Ltd.