Mar 2023
Conyers acted as Bermuda counsel to J.P. Morgan on its multi-year stop-loss transaction to provide funding to Swiss Re. The deal provides Swiss Re with US$700 million in underwriting protection for the financial years 2023 to 2027. This financing builds upon an innovative hybrid transaction concluded with J.P. Morgan in April 2022, which was the first of its kind to combine bank financing and insurance-linked securities (ILS).
This multi-year stop-loss transaction uses a newly established segregated account of the existing Matterhorn Re Ltd. special purpose insurer vehicle. The segregated account is financed via an initial US$700 million facility supported by J.P. Morgan and its institutional investor base. The transaction has been structured with the potential to increase to US$1 billion.
Conyers Director Chris Garrod worked on the matter alongside Norton Rose Fulbright LLP.