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Conyers Dill & Pearman advised Bermuda-based Mercury Capital on the first-ever index-tracking catastrophe investment fund – the Mercury iCRIX Tracker Fund (“the Fund”). Conyers established the insurance linked securities (ILS) fund, which was structured as a segregated accounts company that was set up to invest in a Bermuda special purpose insurer.
The Fund launched in December 2012, with seed funding from Ark Syndicate Management. It tracks the Mercury investible Catastrophe Risk Index (MiCRIX), the first investible catastrophe risk index, and provides investors with the opportunity to access the low correlation, high yield returns of a balanced portfolio of natural catastrophe event risk while avoiding exposure to individual risk selection.
Conyers’ Christopher Page, Elizabeth Denman and Gemma Carreiro advised Mercury Capital on the fund structuring.