Jun 2026
Conyers acted as special Bermuda counsel on the establishment and licensing of Merna Re Enterprise II Ltd. as a special purpose insurer. The transaction included the issuance of a total of US$1.5 billion Series 2026-1 Principal At-Risk Variable Notes, comprised of two tranches: US$750 million Series 2026-1 Class A Principal At-Risk Variable Notes due 9 July 2029 and US$750 million Series 2026-1 Class C Principal At-Risk Variable Notes due 9 July 2029 to investors.
Conyers’ role included assisting with the preparation of documents, registering the company as a special purpose insurer with the Bermuda Monetary Authority, facilitating the listing of the notes on the Bermuda Stock Exchange and providing Bermuda law advice to the company up to closing.
This vehicle was sponsored by State Farm Mutual Automobile Insurance Company. This transaction represents the joint-third largest catastrophe bond issuance by any sponsor, demonstrating the continued strength of the Bermuda ILS market.
Director Alexandra Macdonald and Associate Nicole Yearwood of Conyers’ Bermuda office advised on the matter, working alongside Mayer Brown LLP as legal advisers to the Issuer. Private Client Director Davina Hargun and Associate Angelica Wales also assisted with the set up.