Appleby Bermuda Advises on USD111M Buttonwood Re Ltd. Catastrophe Bond Issuance, Marking Mangrove’s ILS Market Debut
Mangrove Property Insurance Company has secured USD111 million of Florida named storm reinsurance protection from the capital markets through its inaugural Buttonwood Re Ltd. (Series 2026‑1) catastrophe bond issuance, marking its debut in the insurance-linked securities market.
Appleby acted as Bermuda counsel, advising on all aspects of Bermuda law, including the incorporation and licensing of the issuer as a special purpose insurer, the issuance of a legal opinion, and supporting 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.
The transaction was led by Bermuda Managing Partner Brad Adderley, with support from Senior Associate Melinda Mayne and Associate Milaun Perott.
