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.
- ILS needs a buoyant secondary market to thrive – but electronic platforms must come first – Bermuda:Re+ILS – June 2020
- Pandemic-induced market dynamics could result in class of 2020 – Artemis – May 2020
- Why the development of a secondary market will transform ILS – Bermuda:Re+ILS – April 2020
- Lessons in Lockdown – Reactions – April 2020
- Collateralised insurer class lets ILS funds target broader cedent base – Artemis – April 2020
- New ILS funds will be impressive in size – Artemis – February 2020
- 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
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.
- First Coast Re II Pte. Ltd., 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.
- Ivy, acted for Global Atlantic Financial Group Limited (Global Atlantic) in connection with the formation and successful regulatory licensing of Ivy Re Limited (“Ivy Re”), a Class E insurer under the Bermuda Insurance Act 1978 and related regulations.
- 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.
- 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.
- 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.”