Appleby Bermuda Advised Swiss Re In Innovative USD1.15bn Transaction Combining Bank Financing And Insurance-Linked Securities
Appleby acted as Bermuda counsel to Swiss Re, a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer, in relation to it securing significant alternative capital through a first of its kind transaction.
The deal combines debt finance (traditional loans issued to institutional investors) and a catastrophe bond (insurance-linked securities) through a Bermuda special purpose insurer, Matterhorn Re Ltd., valued at USD1.15bn. Such funding is set to provide Swiss Re with multi-year reinsurance and retrocessional protection.
Appleby advised in all aspects of Bermuda law. Bermuda Managing Partner Brad Adderley led the transaction with support from Associates Amber Farrington and Melinda Mayne.
Appleby’s specialist Insurance & Reinsurance team advise private and listed companies — including major New York and London finance houses, as well as FTSE 100 and Fortune 500 household names — on the establishment, regulatory compliance and business operations of re/insurance companies, as well as re/insurance managers and brokers based in international jurisdictions.
