Oct 2024
Conyers advised on the establishment of Fractal Re Ltd., a collateralised casualty sidecar launched by Starwind Specialty Insurance Services, LLC in partnership with Stone Point Credit, raising US$270 million in collateralised reinsurance capacity to provide coverage across Starwind’s diversified portfolio of casualty programs.
Fractal Re raised US$270 million of third-party capital to provide capacity for a diversified portfolio of casualty and specialty risks underwritten by casualty MGA, Starwind, pursuant to a multi-year collateralised reinsurance arrangement effective 1 October 2024. Leading institutional and industry investors, including minority investments from Nationwide, Enstar, the TIH investor group, and the Starwind management team, participated in the capital raise.
Stone Point will serve as Fractal Re’s investment manager.
As part of the transaction, a subsidiary of Enstar has agreed to provide sidecar investors with a prospective exit mechanism, under which investors’ obligations may be novated to Enstar following a specified period, in exchange for a fee.
Conyers advised on the formation and licensing of Fractal Re, including its registration as a collateralised insurer and segregated accounts company in Bermuda, and on the Bermuda law aspects of the transaction.
Conyers Director Jacqueline King and Associate Lauren Pereira advised on this matter, working alongside Willkie Farr & Gallagher LLP.