Bio

Brad Adderley is a partner in the Corporate department in Bermuda and has been a member of the Insurance team for over 20 years. He has extensive experience in the insurance and reinsurance market and specialises in ILS and alternative collateralised reinsurance investment transactions. He has advised clients on a wide range of transactions including catastrophe bonds, special purpose insurers, sidecars, life insurance securitisations, and other fully collateralised structures. Brad is also a member of Appleby’s global Technology & Innovation team, providing comprehensive advice in connection with all aspects of initial coin offerings and the carrying on of digital asset business.

Brad is ranked in Band 1 for Insurance by Chambers Global 2020 and clients say he is “one of the most notable insurance lawyers, both in Bermuda and internationally.” He regularly appears in major insurance transactions and is well regarded for his deep knowledge of reinsurance, securities and insurance company formation mandates. One source explained: “Brad is very sensitive to commercial realities in the insurance industry and he has given us actionable advice.”  Brad is also consistently recommended by Legal 500 Caribbean as a ‘Leading Individual’ in the Insurance/Reinsurance category. He is also recommended by IFLR1000 in the Financial, Corporate and Commercial and Insurance/Reinsurance categories.

Brad also led the Bermuda team recognised at the 2015 UK Captive Services Awards for ´Most Innovative Use of an ART Structure’. Brad participates regularly at conferences and seminars, and provides commentary to international and local media on the Bermuda insurance industry.

Publications:

Deals:

Catastrophe bond & other ILS structures:

  • Matterhorn Re Ltd., acted as counsel to Matterhorn Re Ltd. on its fourth catastrophe bond transaction in less than one year, under the sponsorship of Swiss Re.
  • Credit Suisse, assisted Credit Suisse with USD461 million Operational Re catastrophe bond coverage. This represents the third and largest operational risk cat bond transaction for Credit Suisse.
  • AXIS Capital, advised Bermuda-headquartered global (re)insurer AXIS Capital in its 2020 issuance of insurance and reinsurance linked notes.
  • Sierra Ltd., advised Sierra Ltd., the vehicle used by Bayview Asset Management, LLN in its first ever ILS transaction. The novel transaction saw a non-insurance derivative structure adopted under which US earthquake risk coverage is provided under a risk transfer agreement.
  • Matterhorn Re Ltd., acted as Bermuda counsel to Matterhorn Re Ltd. in connection with the sale and issue by the company, acting in respect of its segregated account, of Class A Principal At-Risk Variable Rate Notes.
  • Artex SAC Limited., advised Artex SAC Limited in connection with several Dodeka private catastrophe bond transactions from ILS investment fund manager Twelve Capital.
  • Alturas, advised AXIS Capital, the Bermuda-headquartered global re/insurer, in the creation and funding of its sidecar Alturas Re Ltd.

  • Hoplon III, advised on the incorporation and organization of a special purpose insurer, Hoplon III, and the formation of the purpose trust pursuant to the third insurance-linked (ILS) securities transaction from MyLotto24, a UK-based lottery provider owned by the Zeal Group.
  • Harambee Re Ltd., acted as Bermuda counsel in connection with the private placement by international specialty re/insurer Argo Group’s collateralised sidecar, Harambee Re, for the 2018 renewal season. The sidecar was first launch in 2013, as the Argo Group began to work with third-party investors to gain access to efficient reinsurance capacity.
  • Nakama Re Ltd., acted as Bermuda counsel for Zenkyoren’s latest cat bond, Nakama Re Ltd., which recently launched seeking a $700 million source of fully-collateralised Japanese earthquake reinsurance protection for the agricultural mutual insurer.
  • Panthera Re Limited., advised on Panthera Re Limited’s issuance of a single $100 million tranche of Series 2018-1 Class A Principal At-Risk Variable Rate Notes.
  • PGGM, advised PGGM (the pension fund manager) in their partnership with Renaissance Re on a new risk-remote rated property catastrophe reinsurance vehicle named Vermeer Reinsurance Ltd.  Matter value USD 1 Billion.
  • Rewire Bermuda Feeder Fund, acted as Bermuda counsel to Rewire and Vida in connection with the launch of new ILS manager Merion Square. Initially 150 million.
  • Spectrum Capital Ltd., advised on its first full cat bond issuance from Tokio Millennium Re (Bermuda) during its upsize from original $250 million to $430 million thanks to investor appetite and pricing.
  • Tailwind Re Ltd., advised Bermuda headquartered reinsurance firm Validus Holdings on its first full catastrophe bond issuance with the Tailwind Re Ltd., valued at $400 million.
  • Thopas Re Ltd., advised on the $95 million Thopas Re Ltd. sidecar which was launched by Chaucer Plc. Thopas Re Ltd is registered as a segregated accounts company under the Bermuda Segregated Accounts Company Act 2000, as amended, and is a  fully collateralised reinsurance sidecar which will provide additional capital markets backed capacity to the reinsurance portfolio of Lloyd’s Syndicate 1084.
  • Tullett Prebon, advised Tullett Prebon, one of the world’s leading interdealer brokers, on the launch of their Insurance-Linked Notes (ILN) platform which will allow registered users to buy or sell natural catastrophe protection using customisable instruments.
  • Bonanza Re Ltd., acted as special legal counsel in connection with the sale and issue by the client of a Series 2016-1 Class A and Class B Principal-at-Risk Variable Rate Notes with a total value of US$200 million.
  • White Rock Insurance (SAC) Ltd., advised White Rock Insurance (SAC) Ltd., a Class 3 insurer, on the listing on the Bermuda Stock Exchange of the White Rock Insurance (SAC) Ltd ILS Program.

Collateralised reinsurance platforms:

  • Fleming Reinsurance Ltd., acted as Bermuda counsel for Fleming Reinsurance Ltd., a Bermuda-based specialist run-off insurer, in connection with its licensing as a Class 3A insurer.  In January 2019, Fleming Reinsurance Ltd. announced the completion of its first run-off transaction.
  • Carolina Re Ltd., Assisted with the formation and licensing of Carolina Re Ltd. as a Class 3A insurer.  Carolina was set up for the purpose of providing reinsurance protection to six US affiliated entities through intragroup quota share agreements on a fully collateralised basis.
  • Valor Group Ltd., advised on the formation of VL Assurance (Bermuda) Ltd., a Bermuda exempted company, which was established to merge with Bermuda International Insurance Services Limited, a Bermuda local company registered as (a)a Class C Insurer and (b)a segregated accounts company (Merger).

Mergers and Acquisitions: 

  • Sumitomo Dainippon Pharma, advised Sumitomo Dainippon Pharma, a leading Japanese pharmaceutical company in respect of its estimated USD 3 Billion acquisition of 5 biopharma companies.
  • T&D Holdings, advised T&D Holdings on USD 1.8 Billion joint acquisition with Carlyle Group of AIG’s Fortitude Re.
  • Appleby Global Listing Services (Bermuda) Ltd., sponsored its first listing and acted as listing sponsor to First Coast Re II Pte. Ltd, a special purpose reinsurance vehicle incorporated in Singapore, in connection with the offering of $100,000,000 Class A Principal At-Risk Variable Rate Notes due 7 June 2023 (“Notes”).
  • Sandell Holdings Ltd., acted for the shareholders of Sandell Holdings Ltd in connection with its sale to Randall & Quilter II Holdings Limited.
  • Northstar Group (Bermuda) Limited, acted as Bermuda counsel to Northstar Group (Bermuda) Limited in connection with its acquisition of Providence Life Assurance Company (Bermuda) Ltd.
  • Insurance Income Strategies, Ltd., acted as Bermuda counsel in relation to the formation of IIS and structured a $58 million capital raise through the insurance of Series B Preference Shares.
  • International Medical Group, Inc., advised on the sale of International Medical Group, Inc. to Sirius International Insurance Group. Matter value $250 million + add ons.
  • Atlas Merchant Capital LLC (“Atlas”) advised on the purchase of US$7.5 million common shares in Somerset Reinsurance Limited, a company incorporated under the laws of Bermuda and registered as a Class E Insurer.
  • Crown Global Titan Life Insurance Ltd. (“Crown Global”), advised on the sale of 81% of its shares by Crown Global Holdings Ltd. by way of a share transfer agreement.
  • Montpelier Re Holdings Ltd. (Montpelier), acted in relation to its sale to the Endurance Speciality group (Endurance) for a purchase price to be satisfied by a mixture of shares and cash valued at USD1.83bn and structured by way of merger with an Endurance subsidiary.

Life companies:

  • Global Atlantic Financial Group Limited, acted as Bermuda counsel to Global Atlantic Financial Group Limited, a leading U.S.- focused retirement, life insurance and reinsurance company, in their launch of Ivy Co-Investment Vehicle LLC, a USD1 billion co-investment vehicle.
  • HSBC, represented HSBC in a GBP 7 billion longevity swap and reinsurance transaction which is the second largest on record. This new HSBC deal is the first that sees a bank offloading the longevity risk associated with its pension plan members, which could suggest a broadening of appeal for these deals.
  • Kuvare Life Re Ltd, advised in relation to the formation and structuring of Kuvare Re Life Ltd., a Bermuda exempted company registered as a Class E Insurer.
  • Oceanview Life Insurance., assisted with the formation and licensing of Oceanview Reinsurance Ltd. as a Class E insurer.
  • CICA Life Bermuda Ltd., assisted with the formation and licensing as a Class E insurer. CICA Life was set up for the purposes of receiving the entire international life insurance portfolio of CICA Life Insurance Company of America, through a novation agreement to CICA Life by way of a portfolio transfer.
  • Partner Re Life, assisted PartnerRe Ltd. with the formation and licensing of PRE Life Bermuda Re Ltd. as a Class C insurer. PRE Life Bermuda Re Ltd. was formed to write reinsurance ceded form affiliated US business.
  • 777 Re Ltd., assisted with the formation and licensing of 777 Re. Ltd. as a Class D insurer and acted as legal counsel in relation to the company’s first transaction.
  • Allianz Re Bermuda, advised Allianz Re Bermuda in relation to the incorporation and licensing of Allianz Re Bermuda Life Ltd., a Bermuda Class E insurer.

Credit facilities:

  • Atherton Bermuda Hold Co Ltd. (“Atherton”), advised Atherton Bermuda Hold Co Ltd. (“Atherton”) on a USD 400,000,000 letter of credit facility.
  • Ocean Bank, advised in relation to an investment contract between Butterfield (Bermuda) Limited and Sunlife Financial Investments.

Insurance transactions:

  • Relm, advised Relm in the launch of its operation to offer insurance coverage for cryptocurrency and cannabis and hemp related businesses.
  • AkinovA, acted as Bermuda counsel to AkinovA on all matters leading up to the completion of a first of its kind parametric cyber risk transfer.
  • Ed Broking LLP, acted as Bermuda counsel to Ed Broking (Bermuda) Limited in connection with its registration as an insurance broker under the Insurance Act 1978, as amended. Appleby advised in relation to the formation and licensing of Ed Broking (Bermuda) Limited., a Bermuda exempted company registered as an insurance broker.
  • Geneva Reinsurance Ltd., acted as Bermuda counsel to Geneva Re Ltd. in connection with its formation and registration as a Class 3A insurer under the Insurance Act 1978, as amended.
  • Convex Group Limited, acted as Bermuda counsel to Convex Group, a newly launched specialty re/insurer. The group has been capitalised initially with approximately USD 1.6 billion of common shareholders’ equity, drawn from a USD 1.8 billion facility provided by a consortium of investors. Convex Group Limited is a specialty insurer and reinsurer focused on complex risks founded by Stephen Catlin and Paul Brand, with operations in Bermuda and London.
  • Appleby acted as Bermuda counsel in relation to the first captive to be formed in Bermuda to manage risk associated with crypto currencies .
  • Athene Holding Ltd, advised on Athene Holding Ltd. (Athene)’s secondary offering of $793.8 million of shares. Appleby provided advice on submitting the SEC S-1 and opined and commented on the transaction documents.
  • Veritas Group Limited., advised on Veritas Group Limited (Veritas)’s Bermuda Stock Exchange listings of 10,000,000 class A common shares with a view to promote Veritas’ business of issuing financial insurance guarantee to investors.
  • Sunpoint Reinsurance Limited Appleby, advising, reviewing and commenting on the corporate structure of the run-off platform; providing local law regulatory advice, and reviewing, negotiating and finalising agreements necessary for the operation of the future run-off platform.
  • African Risk Capacity Insurance Company, advised on the Bermuda incorporation and registration of African Risk Capacity Insurance Company Ltd, valued at USD$135 million, intended to help participating African Union member states become more resilient to extreme weather.

“He’s my go-to person – he has a very commercial sense, a strong work ethic and is a pleasure to deal with.”

Chambers Global

Updates

24 Apr 2020 | News

Bermuda Re/Insurance Update: Agility and Innovation at the Forefront

Bermuda’s re/insurance industry has displayed remarkable agility while adapting in response to the...

Contributors: Brad Adderley, Alan Bossin
22 Apr 2020 | Deals

Appleby Bermuda acted as counsel to Matterhorn Re Ltd. on its fourth catastrophe bond transaction under the sponsorship of Swiss Re

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

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

Publications

12 May 2020 |

Pandemic-induced market dynamics could result in Class of 2020

Current insurance and reinsurance market dynamics suggest that it could be an opportune time for sta...

29 Apr 2020 |

Why the development of a secondary market will transform ILS

The ILS market has become an increasingly important feature in the risk transfer landscape in recent...

21 Apr 2020 |

Lessons in Lockdown

The island of Bermuda maybe in lockdown, but that does not mean that it has shut down completely. Ra...

15 Apr 2020 |

Collateralised insurer class lets ILS funds target broader cedent base

Bermuda’s latest addition to its insurance-linked securities (ILS) offering is the much discussed ...

20 Feb 2020 |

New ILS funds will be impressive in size

As insurance and reinsurance linked investing remains popular among investors and an attractive sour...

24 Jan 2020 |

Innovative new products will drive ILS growth this year, predicts Adderley

This year will see a return to growth for the ILS market, with a range of new products helping clien...

21 Jan 2020 |

Bermuda Law & Practice

First Published in Chambers Insurance & Reinsurance 2020 Guide

25 Oct 2019 |

Reinsurers optimistic about market outlook

Optimism is high in the reinsurance industry this year, according to Brad Adderley, partner at offsh...

26 Sep 2019 |

Introduction of the new Collateralised Insurer class

Members of the ILS Bermuda Market Intelligence workstream hosted a roundtable to discuss the Bermuda...

10 Sep 2019 |

Bermuda: weathering all storms in an improving market

The market is moving in the right direction on rates but the landscape is becoming increasingly comp...

Related People

Jamie Rego

Senior Associate: Bermuda

T +1 441 298 3562
E Email Jamie

John Small

Associate: Bermuda

T +1 441 298 3595
E Email John

Alan Bossin

Chief Operating Officer: Bermuda

T +1 441 298 3536
E Email Alan

Matthew Ebbs-Brewer

Partner: Bermuda

T +1 441 298 3226
E Email Matthew

Tim Faries

Managing Partner: Bermuda

T +1 441 298 3216
E Email Tim

John Wasty

Global Practice Group Co-Head of Dispute Resolution: Bermuda

T +1 441 298 3232
E Email John

Matthew Carr

Counsel: Bermuda

T +1 441 298-3594
E Email Matthew

Josephine Noddings

Senior Associate: Bermuda

T +1 441 298 3553
E Email Josephine

Caljonah Smith

Senior Associate: Bermuda

T +1 441 298 0995
E Email Caljonah

Kit Cunningham

Associate: Bermuda

T +1 441 298 3527
E Email Kit

Tonesan Amissah

Managing Director: Bermuda

T +1 441 298 3302
E Email Tonesan

Jerome Wilson

Partner: Bermuda

T +1 441 298 3559
E Email Jerome

Steven Rees Davies

Partner, Joint Global Head of Technology & Innovation: Bermuda

T +1 441 298 3296
E Email Steven

Sally Penrose

Partner: Bermuda

T +1 441 298 3286
E Email Sally

David Clark

Partner: Bermuda, BVI

T +1 441 298 3583
E Email David