Conyers acted as special Bermuda counsel, advising on the establishment and licensing of Locke Tavern Re Ltd. as a special purpose insurer. The transaction included the issuance of a total of US$175 million Series 2023-1 Class A Principal At-Risk Variable Notes to investors.
Conyers’ role included assisting with the preparation of documents, registering the company 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 catastrophe bond transaction was the first one in Bermuda to be sponsored by The Andover Companies.
Director Alexandra Macdonald, Senior Associate Davina Hargun and Associate Nicole Yearwood of Conyers’ Bermuda office worked alongside Sidley Austin LLP.
More information is available here.