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Conyers advises J.P. Morgan on Swiss Re’s US$1.15 billion stop-loss protection transaction

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.

 


Chris Garrod
Director, Insurance and Technology

Bermuda   +1 441 299 4923



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