Conyers advised J.P. Morgan on its development, in partnership with Swiss Re, of a hybrid transaction, the first of its kind, to combine bank financing and insurance-linked securities in order to protect Swiss Re for severe underwriting-related losses over a five-year period.

The transaction utilised a newly established segregated account of an existing Bermuda special purpose insurer, Matterhorn Re Ltd.

J.P. Morgan provided US$1 billion in financing via a senior loan, while various institutional investors participated via a US$150 million investment in junior insurance-linked notes, issued by the SPI segregated account.

Director Chris Garrod and Associate Elizabeth Blankendal worked on the matter alongside Norton Rose Fulbright LLP.


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