Blue Capital Re to delist from NYSE and BSX; plans to cease active operations

Bermuda-based Blue Capital Reinsurance Holdings, a provider of collateralised reinsurance in the property-catastrophe market, has announced its plan to withdraw its common shares from listing on the New York Stock Exchange (NYSE).

The company will also withdraw its listing with the Bermuda Stock Exchange (BSX) before July 31, 2020.

The reinsurer said that voluntary delisting is part of its decision to cease active operations and pursue an orderly run-off of its liabilities and in force portfolio and return capital to shareholders.

Blue Capital, however, noted that the delisting from NYSE and the BSX will not impact the company’s ability to make future distributions.

The company is expected to file Form 25 (Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Exchange Act of 1934) with the US Securities and Exchange Commission (SEC) around March 19.

The delisting will be effective approximately 10 days after the filing of the Form 25. Blue Capital expects the last trading day of its common stock on the NYSE will be on or about March 30, 2020.

Following delisting and deregistration, the company believes that its common shares will continue to be quoted on the OTC Pink Open Market, a centralised electronic quotation service operated by the OTC Markets for over-the-counter securities. However, it said that the company can give no assurance that trading in its common shares will continue in the future on the OTC Pink, on any securities exchange, or in any other quotation medium.