Lumen Re Ltd. has secured USD175 million of U.S. and Canada named storms and earthquake retrocession protection from its new Photon Re Ltd. (Series 2026-1 Notes) catastrophe bond.
Appleby acted as Bermuda counsel, advising on the formation and licensing of Photon Re Ltd. as a special purpose insurer and advised on all legal matters relating to Bermuda law.
Appleby Global Listing Services (Bermuda) Limited acted as listing sponsor for the Series 2026-1 Notes on The Bermuda Stock Exchange.
The transaction was led by Bermuda Managing Partner Brad Adderley, with support from Senior Associates Aleisha Hollis and Melinda Mayne, and Associate Milaun Perott.