This transaction was carried out electronically with full regulatory oversight from the Bermuda Monetary Authority (BMA). AkinovA has an Insurance Regulatory Sandbox licence that was issued by the BMA in May 2019. Hiscox developed, structured and provided capital for this transaction, with Guy Carpenter acting as broker and PCS as the reporting agent.

Appleby’s role in 2019 included obtaining a license from the Minister of Finance for AkinovA (Bermuda) Ltd to carry on business in Bermuda, advice relating to a corporate cross-border restructuring and regulatory advice and filings in relation to an Insurance Act 1978 sandbox application and obtaining an insurance license for the company to do business in accordance with the same legislation.

AkinovA said: This first of its kind transaction is an important step towards creating new capacity urgently needed to underwrite the huge cyber risks which continue to emerge globally. Largely rear view-mirror actuarial assessments of cyber risks can only go so far.  For new capacity to come to the market, cyber risks have to be tradable and conducted electronically within a regulated marketplace. That’s why AkinovA was created.

Appleby said: Congratulations to the AkinovA team on the completion of the first cyber parametric instrument trade. As an independent marketplace, AkinovA is modernizing and growing the re/insurance market for all to benefit.

Partners Brad Adderley, Matthew Ebbs-Brewer and Counsel Matt Carr have advised AkinovA throughout the lead-up to this significant transaction.

Share
Twitter LinkedIn Email Save as PDF
More Deals
28 Jul 2020 | Deals

Appleby Bermuda advised PGGM in relation to an investment into Swiss Re’s sidecar vehicle, Viaduct Re Ltd.

Appleby acted as Bermuda counsel to PGGM Vermogensbeheer B.V., a cooperative Dutch pension fund serv...

Contributors: Josephine Noddings
11 Jun 2020 | Deals

Appleby Bermuda advised Normandy Limited in respect of its merger with Caribbean Investment Holdings Limited

Appleby Bermuda advised Normandy Limited in respect of its merger with Caribbean Investment Holdings...

Contributors: Jamie Rego
14 Apr 2020 | Deals

Appleby Bermuda advised Global Atlantic in their launch of Ivy, a USD1 billion reinsurance co-investment vehicle

Appleby acted as Bermuda counsel to Global Atlantic Financial Group Limited (Global Atlantic), a lea...

9 Apr 2020 | Deals

Appleby Bermuda advised Relm in the launch of its operation to offer insurance cover for cryptocurrency and cannabis businesses

Appleby advised Relm, the innovative insurer of emerging business categories, which is owned by Delt...

7 Apr 2020 | Deals

Appleby Bermuda assists Credit Suisse with USD461 million Operational Re cat bond coverage

Appleby has assisted with a third catastrophe bond issuance offering Credit Suisse protection for it...

Contributors: Matthew Carr
22 Jan 2020 | Deals

Appleby advises AXIS Capital in its 2020 issuance of insurance and reinsurance linked notes

Our insurance team advised AXIS Capital, the Bermuda-headquartered global (re)insurer, in its 2020 i...

15 Jan 2020 | Deals

Appleby Bermuda acted as counsel to Matterhorn Re Ltd., on the launch of its first catastrophe bond of 2020 under the sponsorship of Swiss Re

Matterhorn Re Ltd., registered as a Special Purpose Insurer in Bermuda, has via a segregated account...

Contributors: Josephine Noddings
15 Jan 2020 | Deals

Appleby Bermuda advised Sierra Ltd., the vehicle used by Bayview Asset Management, LLN in its first ever ILS transaction

Appleby Bermuda acted as counsel to Sierra Ltd. in connection with its offering of USD 150 million S...

Contributors: Josephine Noddings
8 Jan 2020 | Deals

Appleby Bermuda advised Sumitomo Dainippon Pharma in its USD 3 Billion acquisition of five biopharmaceutical companies

Our Bermuda team advised Sumitomo Dainippon Pharma, a leading Japanese pharmaceutical company in res...

Contributors: Jamie Rego
19 Dec 2019 | Deals

Appleby acted as Bermuda counsel to AccorInvest Group

Appleby acted as Bermuda counsel to AccorInvest Group in connection with the sale of its Fairmont So...