Appleby Bermuda Advises on USD175M Hypatia Ltd. Series 2026-1 Catastrophe Bond Issuance for Convex Group
Convex Group has secured USD175 million of retrocessional reinsurance protection from the capital markets through its Hypatia Ltd. (Series 2026‑1) catastrophe bond issuance.
This is the fourth catastrophe bond sponsored by Convex through Hypatia Ltd., with the Series 2026‑1 issuance providing coverage for its reinsurer underwriting entity, Convex Re, and its subsidiaries against major US named storm events, as well as earthquake events impacting the US or Canada.
Appleby acted as Bermuda counsel, advising on all aspects of Bermuda law, including providing the corporate authorities for the transaction, issuing a legal opinion, coordinating the listing of the notes on the Bermuda Stock Exchange, 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.
The transaction was led by Bermuda Managing Partner Brad Adderley, with support from Senior Associate Melinda Mayne.
