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 is also a member of Appleby’s global Technology & Innovation group, providing comprehensive advice in connection with all aspects of initial coin offerings and the carrying on of digital asset business.

Brad has been recognised as a ´Leader in his Field´ by Chambers Global since 2011, and top-ranked in Band 1 for insurance for his outstanding insurance practice. He was regarded by Chambers Global 2019 as “an excellent attorney to work with,” and noted for his “deep knowledge and great relationship network.” He has particular expertise in catastrophe bonds and other insurance-linked securities. Peers recognise that “he is very prominent in the Bermuda market” and has a “strong following and good reputation.” Brad is also consistently recommended by Legal 500 Caribbean and 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:

  • 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.
  • 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: 

  • 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.

Life companies:

  • 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.

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:

  • 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
2016

Updates

15 Oct 2019 | Deals

Appleby Bermuda acted for sellers of Sandell Holdings Ltd.

Appleby was instructed by the shareholders of Sandell Holdings Ltd. in connection with the sale of t...

Contributors: Josephine Noddings
2 Oct 2019 | News

ILS Bermuda Convergence 2019

Appleby is pleased to be a founding member and leading sponsor of ILS Bermuda Convergence.

16 Aug 2019 | Deals

Appleby represented HSBC in a GBP 7 billion longevity swap

Appleby represented HSBC in a £7 billion longevity swap and reinsurance transaction which is the se...

Contributors: Brad Adderley, Shannon Cann
12 Aug 2019 | News

Bermuda Introduces New Classes of Insurer

On 5 August 2019 the Insurance Amendment Act 2019 (Act) became operative. The Act is the result of t...

25 Jul 2019 | News

Appleby returns as BSX listing sponsor

Appleby has returned to the Bermuda Stock Exchange as a listing sponsor.The firm took part in a comm...

2 Jul 2019 | Deals

Appleby advised Swiss Re in connection with a new catastrophe bond transaction

Matterhorn Re Ltd. is the vehicle which was established and has utilised a special purpose and segre...

25 Jun 2019 | Deals

Appleby acted as counsel to Ed Broking in the formation and licensing of their Bermuda operation

Appleby acted as Bermuda counsel to Ed Broking (Bermuda) Limited in connection with its registration...

Publications

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...

5 Sep 2019 |

Cat bond market “here to stay” despite 2019 lull

There has been a distinct slowdown in cat bond issuance throughout 2019 after the heavy loss experie...

18 Jul 2019 |

Bermuda ILS overhaul welcomed but will new vehicles take off?

The ILS market has broadly welcomed moves by the Bermuda Monetary Authority (BMA) to create a new co...

24 Jun 2019 |

Appleby’s Adderley: Bermuda Eases Path to Collateralised ReInsurance

Partner Brad Adderley speaks to A.M. Best at the recent Bermuda Captive Conference. Brad says “Ber...

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T 1 441 298 3281 / Ext. 6315
E Email Sarita

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