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.
- Innovative new products will drive ILS growth this year – Bermuda:Re+ILS – January 2020
- Bermuda Law & Practice – Chambers Insurance & Reinsurance 2020 Guide – January 2020
- Reinsurers optimistic about market outlook – Reinsurance News – October 2019
- Bermuda: weathering all storms in an improving market – Bermuda:Re+ILS Monte Carlo Roundtable – September 2019
- Cat bond market “here to stay” despite 2019 lull – Artemis – September 2019
- Introduction of the new Collateralised Insurer class – ILS Bermuda – August 2019
- Appleby’s Adderley: Bermuda eases path to collateralized reinsurance – A.M Best TV – June 2019
- Bermuda ILS overhaul welcomed but will new vehicles take off? – Trading Risk – June 2019
- 2019 marks period of uncertainty for ILS: Appleby’s Adderley – Bermuda: Re+ILS – February 2019
- Law and Practice – Chambers Insurance and Reinsurance 2019 Guide – February 2019
- Keeping pace with a rapid evolution – Bermuda Finance 2018, Roundtable ILS – September 2018
- Bermuda showed its mettle – Bermuda:Re+ILS Monte Carlo Roundtable – September 2018
- Regulation key to Bermuda’s future – Reactions: Rendez-Vous Reporter, Monte Carlo – September 2018
- Treading the fine line to ILS success – Bermuda:Re+ILS – September 2018
- ‘ILS Convergence 2018’ – A.M. Best TV – October 2018
- ‘Looking Back at 2017‘- Intelligent Insurer – April 2018
- ‘ILS market issuance and innovation to continue in 2018: Appleby’ – Artemis – January 2018
- ‘Hurricanes, earthquakes test mettle of burgeoning alternative capital market’ – Business Insurance – October 2017
- ‘No Forecasts of investor flight from insurance-linked securities’ – Business Insurance – October 2017
- ‘Time to shine after the storms have passed’ – Bermuda Re+ILS Monte Carlo Roundtable – September 2017
- ‘Appleby points out flaws in reinsurers’ dreams of hard market‘ – Intelligent Insurer – September 2017
- ‘ILS market shows its new maturity‘ – Intelligent Insurer – September 2017
- ILS Bermuda Executive Roundtable 2016 – Artemis – January 2017
- ‘Bermuda emerges as home to life writers‘ – A.M. Best TV – September 2016
- ‘Why Bermuda will remain central to risk transfer innovation‘ – Intelligent Insurer – September 2016
- ‘Life market tipped for growth‘ – Intelligent Insurer – September 2016
- ‘Tempest and Turmoil’ – Xuber’s Bermuda Executive Roundtable – July 2016
- ‘Bermuda’s regulation enhances business opportunities: Brad Adderley‘ – Artemis – February 2016
- Appleby involved in two-thirds of ILS transactions in Bermuda in 2015 – Artemis – February 2016
- ILS Year-End 2015 Update – Interview with Brad Adderley – Aon Benfield’s Insurance-Linked Securities Year-End 2015 Update – January 2016
- Innovative Bermuda thrives in period of change – Intelligent Insurer – September 2015
- ‘New capital sources ready to surge in next time disaster strikes market’, Business Insurance – August 2015
- ‘$2.96 billion in cat bonds issued in first half of 2015’, Business Insurance – August 2015
- ‘Insurance-Linked Securities Sector Grows with Emergence of ‘Cat Bonds Lite’, Business Insurance – April 2015
- ‘Bermuda – Still the Domicile of choice for ILS’, Bermuda Stock Exchange News – January 2015
- ‘The Global Centre for Risk Management’ European CEO – August 2014
- ‘Capital Market Players in Bermuda Insurance to Stay’ (video), A.M. Best TV – June 2014
Catastrophe bond & other ILS structures:
- AXIS Capital, advised Bermuda-headquartered global (re)insurer AXIS Capital in its 2020 issuance of insurance and reinsurance linked notes
- Matterhorn Re Ltd., advised Matterhorn Re Ltd., on the launch of its first catastrophe bond of 2020 under the sponsorship of Swiss Re. This represents Swiss Re’s exciting return to the cat-bond market in 2020 following the successful launch of its 2019-1 catastrophe bond, also through Matterhorn Re Ltd.
- Sierra Re 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.
- Alturas Re Ltd., advised AXIS Capital, the Bermuda-headquartered global re/insurer, in the creation and funding of its sidecar Alturas Re Ltd. The total issuance size of the note issuance was $130 million.
- Artex SAC Limited., advised Artex SAC Limited in connection with several Dodeka private catastrophe bond transactions from ILS investment fund manager Twelve Capital
- Artex SAC Limited., advised Artex SAC Limited in connection with a $50.22 million catastrophe bond transaction
- Tullett Prebob, 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.
- 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.
- 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.
- 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.
- 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. Matter value €90 million.
- 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.
- Harambee Re Ltd., acted as Bermuda counsel in connection with the private placement by international specialty re/insurer Argo Group’s collateralized 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.
- Tailwind Re Ltd., acted as Bermuda counsel in connection with Tailwind Re Ltd.’s first issuance of three tranches of Series 2017-1 notes to cat bond investors. The proceeds from the sale of these notes were used to fully collateralize underlying reinsurance agreements with Validus companies. This was Validus’ first full catastrophe bond issuance.
- 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-collateralized Japanese earthquake reinsurance protection for the agricultural mutual insurer.
- Hoplon III Insurance Ltd., acted as Bermuda counsel for Hoplon III Insurance Ltd. in respect of its licensing as a special purpose insurer and segregated accounts company and its fully collateralised insurance program insuring a lottery betting game provider against the risk for high prize-payouts and listing of notes on the Bermuda Stock Exchange.
- Thopas Re Ltd., acted as Bermuda counsel for International specialty insurer Chaucer plc in the formation and licensing of Thopas Re Ltd., a Bermuda domiciled fully collateralized reinsurance sidecar that will provide additional capital markets backed capacity to the firm’s Chaucer Syndicate 1084’s global reinsurance portfolio in 2018.
- Operational Re, acted in connection with incorporation, organisation, licensing and transaction documents of Operational Re(Credit Suisse), with a total transaction value of USD$223 million.
- 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. Appleby’s role included assisting in setting up the program, corresponding with the Bermuda Stock Exchange, and reviewing transaction documentation such as the base prospectus and the note purchasing agreement. This matter was a further marker of Appleby’s extensive experience listing insurance notes.
Collateralized 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
- Harambee Re Ltd., supporting two of the Argo Group’s core business units, the Bermuda reinsurance operation Argo Re and its excess and surplus lines specialist arm Colony Specialty, by providing $52,400,000 of reinsurance for specific property portfolios underwritten by these two business units
- 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 collateralized 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”).
- 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.
- Sandell Holdings Ltd., acted for the shareholders of Sandell Holdings Ltd in connection with its sale to Randall & Quilter II Holdings Limited.
- 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.
- Partner Re Ltd., acted for PartnerRe Ltd. in its agreement and plan of merger with EXOR S.p.A under which EXOR will acquire all of the outstanding shares of PartnerRe. The total transaction is valued at USD$6.9 billion.
- Atlas Merchant Capital LLC (“Atlas”)a, dvised 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.
- 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.
- 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.
- Oceanview Life Insurance., assisted with the formation and licensing of Oceanview Reinsurance Ltd. as a Class E insurer.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- AkinovA, acted as Bermuda counsel in relation to the launch of the AkinovA Marketplace, an electronic trading platform for insurance and reinsurance industry participants (Market Participants).
- 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.
- 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.
- 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.”