The cat bond market once again saw another record year in 2024. In total there were 93 144A cat bonds (or equivalent) issued.
Walkers' Bermuda office Listing Sponsor and Catbond Deals 2024
The catastrophe bond market once again saw another record year in 2024. In total there were 93 144A catastrophe bonds (or equivalent) issued. Total 144A catastrophe bond issuance, which includes 144A catastrophe bonds covering other lines of re/insurance business such as cyber and terrorism, also hit a new high of $17.2 billion.
The Bermuda office welcomed Jack Ellison in July 2024 to further strengthen the Walkers Bermuda insurance team. Jack joined from Willkie Farr & Gallagher (UK) LLP in London where he provided advice on a variety of ILS transactions, including collateralized reinsurance, sidecars and catastrophe bonds. "As we continue to grow our top tier insurance practice in the Bermuda office, we're very excited to have Jack join us to complement our global (re)insurance offering. In particular, given his recent onshore ILS experience and his industry background in general, he is a great addition to the team." said Sarah Demerling, Partner and Head of the Insurance Practice in Bermuda. Here is a taster of 2024 deals.
January
Montoya Re Ltd. - $100m catastrophe bond
Our Bermuda team advised Inigo Insurance on its third catastrophe bond covering named storms and earthquakes in North America and Canada.
We acted as legal counsel and listing sponsor for Montoya Re Ltd. on its $100mSeries 2024-1 Class A Principal At-Risk Variable Rate Notes due7 April 2027,which was listed on the Bermuda Stock Exchange ("BSX").
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April
Kendall Re Ltd. - $300m catastrophe bond
Our Bermuda team advised the Aspen Insurance Group on their catastrophe bond covering named storms, earthquakes and windstorms in Europe and the US.
We acted as legal counsel for Kendall Re Ltd. on its $225mSeries 2024-1 Class A Principal At- Risk Variable Rate Notes due 30 April 2027 and its $75mSeries 2024-1 Class B Principal At-Risk Variable Rate Notes due 30 April 2027, which was listed on the BSX.
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June
Windmill III Re DAC - €100m catastrophe bond
Our teams in Ireland and Bermuda advised Achmea Reinsurance Company N.V. on their catastrophe bond covering windstorms in Europe.
We acted as listing sponsor for Windmill III Re DAC on its €100mSeries 2024-1 Class A Principal At-Risk Variable Rate Notes due 5 July 2028, which was listed on the BSX.
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December
Maschpark Re Ltd. - $100m catastrophe bond
Our Bermuda office advised Talanx AG (via Hannover Ruck SE) on the incorporation and licensing of Maschpark Re Ltd. as a special purpose insurer with the Bermuda Monetary Authority. Our team advised on its debut parametric catastrophe bond covering earthquakes meeting Earthquake Covered Event Conditions in South America.
We acted as legal counsel and listing sponsor for Maschpark Re Ltd. on its $100mSeries 2024-1 Class A Principal At-Risk Variable Rate Notes due 10 January 2028, which was listed on the BSX.
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Recoletos Re DAC - $125m catastrophe bond
Our Ireland and Bermuda teams advised Mapfre Re, Compañía de Reaseguros, S.A. on their debut catastrophe bond covering named storms across all 50 states of the United States of America and the District of Columbia.
We acted as listing sponsor for Recoletos Re DAC on its $125mSeries 2024-1 Class A Principal At-Risk Variable Rate Notes due 7 January 2028 which was listed on the BSX.
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London Bridge 2 PCC Limited acting for and on behalf of its protected cell "Fuchsia 2" – $200m catastrophe bond
Our Bermuda team assisted Beazley on its second catastrophe bond issued using the Lloyd's sponsored UK domiciled ILS Vehicle, London Bridge 2 PCC Limited on its catastrophe bond covering storms and earthquakes in North America and South America.
We acted as listing sponsor for London Bridge 2 PCC Limited acting for and on behalf of its protected cell "Fuchsia 2" on its $200m Series 2024-1 Class A Principal At-Risk Variable Rate Notes due 6 April 2028 which was listed on the BSX.
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