Aug 2023
Conyers acted as special Bermuda counsel, advising on the establishment and licensing of Gateway Re II Ltd. as a special purpose insurer. The transaction included the issuance of a total of US$125 million Series 2023-1 Class A Principal At-Risk Variable Rate Notes due 27 April 2026.
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 of 2023 to be sponsored by SafePort Insurance Company and SafeChoice Insurance Company.
Director Alexandra Macdonald and Associate Hailey Edwards of Conyers’ Bermuda office advised on the matter, working alongside Willkie Farr & Gallagher LLP and Sidley Austin LLP.
More information is available at https://www.businesswire.com/news/home/20230426005252/en/SafePort-and-SageSure-Close-Debut-125-Million-Gateway-Re-II-Catastrophe-Bond-at-a-25-Upsize