Appleby Bermuda Advises on USD100 Million Chartwell Re Catastrophe Bond Issuance
Two US Coastal insurance companies administered by Cabrillo Coastal General Insurance Agency have secured USD100 million of named storm reinsurance protection from the capital markets through the issuance of catastrophe bond notes by Chartwell Re Ltd. (Series 2026-1).
The Chartwell Re Series 2026-1 issuance provides USD100 million of indemnity-triggered, per-occurrence catastrophe reinsurance coverage over a three-year term, protecting against named storm losses across Alabama, Florida, Mississippi, New Jersey, New York, Rhode Island and Texas.
Appleby acted as Bermuda counsel, advising on all aspects of Bermuda law, including issuing a legal opinion, coordinating the listing of the notes on the Bermuda Stock Exchange, providing the corporate authorities for the transaction and assisting with the closing of the transaction.
Appleby Global Corporate Services (Bermuda) Ltd provided corporate administration services and Appleby Global Listing Services (Bermuda) Ltd acted as listing sponsor to the issuer.
This transaction was led by Bermuda Managing Partner Brad Adderley, with support from Senior Associate Melinda Mayne.
