Josephine Noddings

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T +1 441 298 3553

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Bio

Josephine Noddings is Counsel 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 digital asset issuances 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.

publications:

deals:

  • STABLEHOUSE LTD., Acted as Bermuda counsel to Stablehouse Ltd. in connection with its US$12million seed funding and associated regulatory clearances;
  • S&P GLOBAL, Advised S&P Global in its USD 140 billion merger with IHS Markit;
  • WEJO, Advised Wejo, a global leader in connected vehicle data, in its USD1.1 billion merger with Virtuoso Acquisition Corp. Advised Wejo Group Limited, Wejo Bermuda Limited and Wejo Limited on matters of Bermuda law;
  • Acted for the UK’s largest special motor insurer and Lloyds’s underwriter ERS Insurance (now rebranded IQUW) in developing a significant presence in Bermuda including the establishment of a Class 3B reinsurer;
  • NANOROCK FUND LTD., Provided full service Bermuda law advice regarding the formation and launch of the Nanorock fund including under Bermuda’s insurance and investment fund regulatory regimes;
  • NORTHSTAR GROUP LTD., Acted as counsel to the seller of Northstar Group (Bermuda) Limited and its wholly-owned subsidiary, Providence Life Assurance Company Limited to Alpha Growth Plc.;
  • KKR, Acted as counsel to Global Atlantic Financial Group Limited (Global Atlantic) in connection with the sale of Global Atlantic to a subsidiary of KKR & Co. Inc. (KKR);
  • INTEGRAL ILS LTD., Advised Integral ILS Ltd., in connection with a significant cornerstone investment from alternative investment manager New Holland Capital (NHC), bringing secured commitments up to $600 million;
  • 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.

Education:

University of Wolverhampton (England)

University of Law (Guildford, England)

Updates

4 Mar 2022 | Deals

Appleby Bermuda advised S&P Global in its USD 140 billion merger with IHS Markit

Appleby acted as Bermuda counsel to S&P Global, the world's foremost provider of credit ratings,...

3 Mar 2022 | News

Appleby Announces Sponsorship and Speakers for Inaugural Bermuda Risk Summit 2022

Hamilton, Bermuda - 3 March 2022 – Appleby announced its support and speakers for the first-ever B...

Contributors: Josephine Noddings
14 Jan 2022 | News

Bermuda amends Insurance Act to introduce concept of internationally active insurance group

The Insurance Amendment Act 2021 (Act) is the result of the Bermuda Monetary Authority’s (BMA) con...

19 Nov 2021 | Deals

Appleby Bermuda advised Wejo, a global leader in connected vehicle data, in its USD1.1 billion merger with Virtuoso Acquisition

Appleby advised Wejo Group Limited, Wejo Bermuda Limited and Wejo Limited on matters of Bermuda law ...

6 Oct 2021 | Deals

Appleby advised on Ledger’s ILS Nanorock Fund

Appleby Bermuda advised Ledger on the launch of their casualty insurance-linked securities fund, Nan...

21 Jul 2021 | Deals

Appleby Bermuda acted for UK’s largest special motor insurer

Appleby Bermuda acted for the UK's largest special motor insurer and Lloyds's underwriter ERS Insura...

24 Mar 2021 | Deals

Appleby acted as Bermuda counsel to the seller of Northstar Group and its wholly-owned Providence Life Assurance Company

Appleby acted as legal counsel to the seller of Northstar Group (Bermuda) Limited and its wholly-own...

Contributors: Josephine Noddings
5 Feb 2021 | Deals

Appleby Bermuda advises Global Atlantic in KKR transaction

Appleby acted as counsel to Global Atlantic Financial Group Limited (Global Atlantic) in connection ...

Contributors: Josephine Noddings

Publications

27 Jun 2022

Insurtech ILS and the New Normal

As Bermuda and the global markets with which the Island transacts move towards the so-called  ‘ne...

Contributors: Josephine Noddings
20 Dec 2021

Holding Their Nerve: Harder Rates Should Persist For Reinsurers

A panel of seasoned executives from Bermuda’s vibrant reinsurance sector debate rates, capacity, s...

5 Dec 2019

BMA forms view on cannabis related risk

The Bermuda Monetary Authority has confirmed that it will not object to BMA-supervised entities cond...

26 Sep 2019

Fund bye-laws and payments-in-kind

Typically, a Bermuda fund is incorporated as an exempted mutual fund, formed as an exempted limited ...

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