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Conyers Dill & Pearman advised a consortium of banks – Barclays Bank PLC, Crédit Agricole Corporate & Investment Bank, Commerzbank Aktiengesellschaft, ING Bank N.V. London Branch and Lloyds TSB Bank plc – acting as mandated lead arrangers and bookrunners in connection with a US$750 million standby letter of credit and revolving credit facility for London-listed insurer, Hiscox plc.
Conyers advised on Bermuda law aspects of the facility documentation and the banks’ security package, working alongside Clifford Chance, who advised on the English law aspects of the transaction. The facility refinances and builds upon the existing GB£350 million facility on which both Clifford Chance and Conyers acted in 2008.
With a multi-jurisdictional presence in Bermuda, BVI, Cayman and London, Conyers has advised on a large number of financing transactions this year.
Hiscox is a Bermuda-based international specialist insurance and reinsurance company which provides cover against natural disasters and offers insurance policies tailored to wealthy individuals.