Josephine Noddings is a Senior Associate in the Corporate department of Appleby´s Bermuda office practicing in all areas of corporate and commercial law, including insurance law and regulation, public and private M&A and joint ventures. In addition her practice includes advising on the structuring and formation of investment funds, including master and feeder structures and ILS funds. Josephine is 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. Josephine graduated with an LLB (Hons) in 2009 and completed the Legal Practice Course at the University of Law, Guildford (formerly the College of Law) in 2011. She was admitted to practice as a solicitor in England and Wales in March 2012 and joined Appleby in August 2017.
Josephine is recognised by Legal 500 Caribbean as a ‘Rising Star’ in the Corporate and Commercial category and recommended in the Insurance/Reinsurance category. She is also ranked as a ´Notable Practitioner´ by IFLR1000 and recognised in Bermuda:Re+ILS as a ‘Rising Star’ for 2019, which features highly regarded professionals in Bermuda under the age of 35.
Josephine also provides commentary to local media on various subjects.
Recent examples include:
- BMA forms view on cannabis related risk – The Royal Gazette, Legally Speaking – December 2019
- Fund bye-laws and payments-in-kind – The Royal Gazette, Legally Speaking – September 2019
- M&A Trends – Buyer Protections – The Royal Gazette, Legally Speaking – April 2019
- The LLC and business combinations – The Royal Gazette, Legally Speaking – October 2018
- The benefits of blockchain for captive insurers – Captive International – 2018
- Bermuda broadens beneficial ownership regime – The Royal Gazette, Legally Speaking – April 2018
- Integral ILS Ltd., advised Integral ILS Ltd., an independent alternative fund manager focused on insurance-linked strategies in connection with a significant cornerstone investment;
- PGGM, acted as Bermuda counsel to PGGM, a cooperative Dutch pension fund service provider, in relation to an investment into Swiss Re’s sidecar vehicle, Viaduct Re Ltd.;
- 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 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;
- AccorInvest Group, acted as Bermuda counsel to AccorInvest Group in connection with the sale of its Fairmont Southampton property. Fairmont Southampton which features 593-rooms, 10 restaurants, a spa, the 18-hole, par-three Turtle Hill Golf Club, the Mid-Ocean Amphitheatre and more than 25,000 square feet of meeting space is Bermuda’s largest tourism property;
- Stablehouse, acted as counsel to Stablehouse in connection with its application for a Class M Licence;
- Sandell Holdings Ltd., acted for the shareholders of Sandell Holdings Ltd in connection with its sale to Randall & Quilter II Holdings Limited;
- Horseshoe Insurance Services Holdings Ltd., acted as counsel to the sellers of Horseshoe Insurance Services Holdings Ltd. in connection with the sale of the Horseshoe group to Artex Risk Solutions (Holdings) Limited, a subsidiary of Arthur J. Gallagher & Co;
- XBTO, advised on the successful application for a Digital Asset Business (DABA) Licence as a Digital Asset Service Vendor (Market maker for digital assets) under the Digital Asset Business Act which represented the third DABA licence to have been issued by the Bermuda Monetary Authority;
- 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;
- Siris Capital Group LLC, advised in relation to the acquisition of Travelport Worldwide Limited by Siris Capital Group LLC and Elliot Management Corp;
- Longtail Aviation, advised Fabian Bello on the purchase of a majority interest in Longtail Aviation, a Bermudian-based charter jet operator and the only holder of a Bermuda air operators certificate;
- Artex SAC Limited, advised Artex SAC Limited in connection with several Dodeka private catastrophe bond transactions from ILS investment fund manager Twelve Capital;
- 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;
- Aspen Insurance Holdings Limited, acted for Aspen Insurance Holdings Limited during a competitive sale process (valued at c. $2.6 billion) which was won by private equity firm Apollo Global Management LLC;
- Seadrill, advised the coordinating committee representing a bank group holding USD 7.4 billion in secured debt, on Seadrill Limited’s successful completion of its USD 10 billion restructuring plan pursuant to its chapter 11 plan of reorganisation. This high profile restructuring was one of the most complex restructurings in history and the largest ever in the offshore drilling sector;
- 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;
- 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;
- Marvell Technology Group Ltd., (Marvell), advised on the acquisition of Cavium for USD 6 billion. Advice included the preparation of a presentation to be delivered to the directors of Marvell, outlining the fiduciary duties arising under Bermudian law in the context of the transaction.
University of Wolverhampton (England)
University of Law (Guildford, England)