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Chris Garrod

Director, Insurance and Technology

Office
Jurisdiction(s)
Recognition

Chambers Global 2020 Legal 500 Caribbean 2020

Chris Garrod is a Director in the Corporate department of Conyers Dill & Pearman. He is a member of the Firm’s insurance practice in Bermuda.

Chris specialises in advising on reinsurance and ILS structures, including large commercial insurers, life reinsurers, special purpose insurers, cat bonds, sidecars and segregated account vehicles. In addition to his insurance practice, he also advises on all aspects of Bermuda corporate law, including mergers and acquisitions, takeovers, reorganisations and re-domestications. He has also formed cryptocurrency vehicles using blockchain-based technology, forming Bermuda’s first digital token issuer in late 2017. Chris is also a member of the Government of Bermuda’s Blockchain legal and working group and the Bermuda Business Development Agency’s Blockchain working group.

With over 15 years of experience working in Bermuda’s reinsurance market, Chris acts for a number of large commercial insurers/reinsurers including Assured Guaranty, Chubb, Essent Re, Everest Re, Markel Corporation, Sirius International Insurance Group, Tokio Millennium Re, White Mountains Insurance Group, XL Group, and Zurich Insurance Group.

He has also been involved in the formation of a number of segregated account “alternative” reinsurance and ILS platforms, acting for reinsurers, investment hedge funds, investment managers, pension plans, investment banks and listed companies. Additionally, he acts for numerous Lloyd’s syndicates which have Bermuda platforms. Finally, Chris sits on various reinsurance and captive boards in a non-executive capacity advising on Bermuda insurance regulatory and general corporate legal updates to those boards.

Internationally recognised as a leading lawyer, Chris has been recommended in a number of legal directories including Chambers Global and Legal 500, where clients note that his “main strengths are his responsiveness and depth of knowledge” and that he is “very knowledgeable about Bermuda regulations and has a good working relationship with the Bermuda Monetary Authority”.

Experience Highlights

  • Acted for Essent Group Ltd. (NYSE: ESNT), in connection with its $440 million public offering of an aggregate of 13,800,000 of its common shares.
  • Advised on the formation of Resolution Re Ltd, a Bermuda Class E reinsurer and its parent, Resolution Life Group Holdings (RLGH), an insurance holding company focused on investing in legacy life insurance portfolios. RLGH secured commitments in excess of $3 billion from a broad mix of global institutional investors.
  • Acting for AXA in its pending US$15.3 billion acquisition of XL Group
  • Acted for OneBeacon Insurance Group, Ltd. and White Mountains Insurance Group, Ltd. in connection with the US$1.7 billion acquisition of OneBeacon by Intact Financial Corporation.
  • Advised Sirius International Group on the issuance of SEK 2.75 billion (approximately US$340 million) floating rate callable subordinated notes, due 2047, the largest SEK insurance hybrid issuance to date.
  • Acted for Bermuda based mortgage insurer and reinsurer Essent Group Ltd. in connection with providing Bermuda legal advice related to its US$200 million secondary public offering of five million common shares.
  • Acted for Sears Holdings Corporation in connection with providing Bermuda insurance regulatory advice related to the sale of its Craftsman tool brand, valued at US$900 million, to Stanley Black & Decker.
  • Acted for Lloyd’s syndicate Neon Underwriting in connection with the formation and licensing of Neon’s office in Bermuda.
  • Advised Sirius International Group on the issuance of US$400 million senior notes due 2026, of which approximately two-thirds were allocated to leading institutional investors in Asia.
  • Advised Somerset Reinsurance Ltd. on its US$375 million common share capitalization and registration as a Bermuda Class E life and annuity insurer.
  • Acted as Bermuda counsel for White Mountains Insurance Group, Ltd. in connection with its sale of Sirius International Insurance Group to CM International.

Professional Background

  • Trainee solicitor, Denton Hall

Education

  • The College of Law, Diploma in Law and Post-graduate Diploma in Legal Practice (with Commendation)
  • University College London, Anthropology and Geography, B.A. (First Class Honors)

Bar Admissions

  • Bermuda, 1998
  • Solicitor, Supreme Court of England & Wales, 1997

Awards & Accolades

  • Recognised in the 2020 edition (and since 2011) of Chambers Global (insurance)
  • Recognised in the 2020 edition (and since 2014) of Legal 500 Caribbean (insurance/reinsurance)
  • Recognised in the 2020 edition (and 2019) of Legal 500 Caribbean (corporate & commercial)
  • Recognised in the 2015 edition (and since 2011) of Who's Who Legal (insurance and reinsurance)
  • Recognised in the 2015 edition of Legal Media Groups' Expert Guides (insurance and reinsurance)
  • Recognised in the 2010 edition of Chambers Global (corporate and finance)

Associations

  • ILS Bermuda Steering Committee Member
  • Bermuda Foundation of Insurance Studies Member