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Conyers Dill & Pearman advised a consortium of banks – Barclays Bank PLC, Commerzbank Aktiengesellschaft, Crédit Agricole Corporate & Investment Bank, ING Bank N.V. London Branch and Lloyds TSB Bank plc – acting as mandated lead arrangers and bookrunners in connection with an US$875 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, working alongside Clifford Chance who advised on the English law aspects of the transaction. The facility refinances and builds upon the existing US$750 million facility on which both Clifford Chance and Conyers acted in 2010.
Hiscox is a Bermuda-based international specialist insurance and reinsurance company providing cover against natural disasters and offering insurance policies tailored to wealthy individuals.