Conyers acted as special Bermuda counsel advising on the establishment and licensing of Gateway Re Ltd. as a special purpose insurer. The transaction included the issuance of a total of US$150,000,000 Series 2022-1 Class A Principal At-Risk Variable Rate Notes due May 12, 2025 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 was the first catastrophe bond transaction of 2022 sponsored by Surechoice Underwriters Reciprocal Exchange.
Director Alexandra Macdonald and Associates Davina Hargun, Hailey Edwards and William Finnerty of Conyers’ Bermuda office advised on the matter, working alongside Willkie Farr & Gallagher LLP and Sidley Austin LLP.