A&O Shearman advised the joint lead managers and the trustee on the issuance of USD750 million Ancillary Tier 1 notes by RLGH Finance Bermuda Ltd, guaranteed by Resolution Life Group Holdings Ltd. The notes qualify as "Tier 1 Ancillary Capital" under Bermuda regulations and are admitted to trading on the International Securities Market of the London Stock Exchange.
This transaction represents the first Tier 1 capital issuance in the public markets by a Bermudian insurer, underscoring the continued evolution of regulatory capital instruments in the jurisdiction.
Tom Grant, debt capital markets partner at A&O Shearman said: "We are proud to support the joint lead managers on this first-of-its-kind transaction—the first public Tier 1 issuance by a Bermudian insurer—which showcases the depth of investor demand for high-quality insurance capital instruments and A&O Shearman's role in advising on transactions at the cutting edge of the market. We were able to leverage our international insurance regulatory capital expertise to navigate novel structuring considerations and enable our clients to execute this bespoke transaction."
A&O Shearman previously advised the joint lead managers on Resolution Life's inaugural Tier 2 issuance in its debut listed bond offering.
The A&O Shearman team comprised debt capital markets partner Tom Grant, associate Anisa Khan and senior associate Jacob Sewell. The firm also advised the trustee with a team led by partner Luke Lewis, supported by associate Elizabeth Denny.