Conyers advised special purpose insurer Merna Re II Ltd. on Bermuda law matters in connection with its new catastrophe bond issuance of US$250 million Series 2023-1 Class A Principal At-Risk Variable Notes and US$200 million Series 2023-2 Class A Principal At-Risk Variable Notes, both due 7 July 2026 and listed on the Bermuda Stock Exchange.

Conyers’ role included assisting with the preparation of documents, facilitating the listing of the notes on the Bermuda Stock Exchange and providing Bermuda law advice to the company up to closing. These catastrophe bond transactions were the first 2023 issuances sponsored by primary insurance giant State Farm.

Conyers Director Alexandra Macdonald and Associate Lauren Pereira worked alongside Sidley Austin LLP.

More information is available here and here.

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