Sarah Demerling
Partner
Bermuda
"We were delighted to have advised on these significant deals. With Ireland firmly recognised as the European jurisdiction of choice for alternative risk transfer, our team is proud to have been involved in another significant year for the ILS market" said Noeleen Ruddy, Partner, Co-Head, Finance & Capital Markets team in Ireland.
2023 also welcomed the addition of Associate, Aleisha Hollis to our Walkers Bermuda listing team. "We have seen a great deal of collaboration with our market leading Capital Markets –Ireland team which has an outstanding record in the ILS field and we are also delighted to be have been busy with standalone deals in the Bermuda ILS market" said Sarah Demerling, Partner and Co-Lead of the Insurance Practice in Bermuda. Here is a taster of 2023 deals.
May 2023
Queen Street Re DAC - $300 million catastrophe bondOur teams in Ireland and Bermuda advised Munich Re on Queen Street 2023 Re DAC – a $300 million catastrophe bond covering named storms in the US.
For the new cat bond, Munich Re established a new Ireland-based designated activity company named Queen Street 2023 Re DAC which issued a single tranche of notes to cat bond investors with the proceeds used to collateralize a retrocessional reinsurance arrangement between it and the sponsor.
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November 2023
Orange Capital Re DAC - $75 million catastrophe bondOur teams in Ireland and Bermuda advised NN Group on Orange Capital Re DAC and the second issuance under a multi-arrangement program – a €75 million catastrophe bond covering windstorms and severe thunderstorms in Belgium and The Netherlands.
We acted as listing sponsor for Orange Capital Re DAC on its €75,000,000 Series 2023-1 Principal At-Risk Variable Rate Notes due January 8, 2027, which was listed on the Bermuda Stock Exchange.
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December 2023
Hexagon IV Re Ltd – €145 million catastrophe bondOur Bermuda office assisted Covéa Group on their catastrophe bond covering named windstorms in France, Monaco and Andorra.
We acted as listing sponsor for Hexagon IV Re Ltd on its €145,000,000 Series 2023-1 Principal At-Risk Variable Rate Notes due January 21, 2026 and January 21, 2028, which was listed on the Bermuda Stock Exchange.
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Blue Sky Re DAC - €250 million catastrophe bond
Our Ireland and Bermuda teams advised Allianz SE on Blue Sky Re DAC – a €250 million catastrophe bond covering windstorms in Europe.
Our Bermuda office acted as listing sponsor for Blue Sky Re DAC on its €250,000,000 Series 2023-1 Principal At-Risk Variable Rate Notes due January 6, 2027, which was listed on the Bermuda Stock Exchange.
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London Bridge 2 PCC Limited acting on behalf and in respect of its protected cell "Fuchsia 2023-1" - $100 million catastrophe bond
Our Bermuda team assisted Beazley on their first ever Rule 144A property bond and the first landmark 144a cat bond to be issued using the Lloyd’s sponsored UK domiciled ILS vehicle, London Bridge 2 PCC Limited.
We acted as listing sponsor for London Bridge 2 PCC Limited acting for and on behalf of its protected cell "Fuchsia 2023-1" on its $100,000,000 Series 2023-1 Class A Principal At-Risk Variable Rate Notes due April 6, 2027, which was listed on the Bermuda Stock Exchange.
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Our Teams:
Our Ireland team was led by Partner, Co-Head Finance & Capital Markets team Noeleen Ruddy, Senior Associate Clare Mannion, Tax Consultant Padhraic Mulpeter, Muireann NicDhonncha, Of Counsel, and Associate Éire Dempsey and Trainee Michael O'Brien.
Our Bermuda team was led by Partner Sarah Demerling, Senior Associate Cathryn Minors, Associate Aleisha Hollis and Pupil Karina Skinner.
