Appleby Bermuda provided corporate, structuring and licensing advice to Mereo Insurance Limited, a new reinsurance platform focused on transforming the global property, casualty, and specialty markets.
Mereo has received full regulatory approval from the Bermuda Monetary Authority for a Class 3B insurer, and has earned an A- credit rating from AM Best.
The common equity in the commercial carrier was led by Susquehanna Private Equity Investments, LLLP, a member of the Susquehanna International Group of Companies, and The Andover Companies, with preferred equity provided by Ares Management Alternative Credit funds.
Appleby provided structuring and commercial advice, regulatory and licensing advice and corporate advice relating to the equity raise and governance. The Appleby team was led by Managing Partner Brad Adderley and supported by Partner Max Tetlow, Counsel Sangheetaa Phary, Senior Associate Jane Walker and Associate Ojeda Smith.
The Mereo leadership team includes respected names in the global insurance and reinsurance industries. Mr. Duperreault, Co-Founder and Chairman of Mereo, was formerly the Chairman and CEO of AIG, the CEO of Marsh McLennan, and served as the CEO of ACE (now Chubb), bringing decades of strategic leadership experience. David Croom-Johnson, Co-Founder and CEO of Mereo Insurance Limited, is the former CEO of Aegis London and adds deep expertise in the Lloyd's of London market. David Croom-Johnson will be supported by Richard Holden, Co-Founder and Deputy CUO, who brings strong experience in the Bermuda reinsurance market.
Brian Duperreault said, "The current healthy market in reinsurance presents an unprecedented opportunity for investors. With attractive risk-adjusted rate levels across the P&C market, as well as a need for more capacity, Mereo is uniquely positioned to deliver solutions that meet the growing demand for reinsurance while providing attractive returns to our investors."
Mereo was assisted in the overall detailed process by a selection of advisors including; Guy Carpenter Capital & Advisory, Willkie Farr & Gallagher LLP, Lockton Re Capital Markets, LLC, BMS Group Ratings Advisory, Kinmont Advisory, Price Forbes Re, and Appleby Bermuda. Ares was advised by Skadden, Arps, Slate, Meagher & Flom.