Appleby Bermuda acted as counsel to Sierra Ltd. in connection with its offering of USD 150 million Series 2020-1 Class A Principal At-Risk Variable Rate Notes due December 28, 2022 and USD 75 million Series 2020-1 Class B Principal At-Risk Variable Rate Notes due December 28, 2022 (Notes) and listing of the Notes of the Bermuda Stock Exchange.
Sierra Ltd. is the vehicle used by Bayview Asset Management, LLN in its first ever ILS transaction. The novel transaction saw a non-insurance derivative structure adopted under which US earthquake risk coverage is provided under a risk transfer agreement.
Partner Brad Adderley led the transaction with assistance from Senior Associate Josephine Noddings.
Appleby's specialist Insurance & Reinsurance team provides advice on the establishment, regulatory compliance and business operations of (re)insurance companies, as well as advising (re)insurance managers and brokers based in international jurisdictions.
They specialise in advising on the establishment, regulatory compliance and business operations of (re)insurance companies, as well as (re)insurance managers and brokers based in international jurisdictions. They advise private and listed companies, including major New York and London finance houses, as well as FTSE 100 and Fortune 500 household names.