Feb 2026
Conyers advised special purpose insurer Gateway Re Ltd. on its US$670 million Series 2026-1 Principal At-Risk Variable Rate Notes.
The transaction occurred in five tranches, including US$160 million Series 2026-1 Class AAAA Principal At-Risk Variable Rate Notes due 6 July 2029; US$130 million Series 2026-1 Class AAA-1 Principal At-Risk Variable Rate Notes due 6 July 2029; US$10o million Series 2026-1 Class AAA-2 Principal At-Risk Variable Rate Notes due 6 July 6, 2029; US$80 million Series 2026-1 Class AA Principal At-Risk Variable Rate Notes due 6 July 2029 and US$200 million Series 2026-1 Class A Principal At-Risk Variable Rate Notes due 6 July 2029 to investors.
Conyers’ role included assisting with the preparation of documents, advising on the listing of the notes on the Bermuda Stock Exchange, and providing Bermuda law advice to the company up to closing. This was Gateway Re’s largest cat bond issuance.
Director Alexandra Macdonald and Associates Nicole Yearwood and Nazari Woods of Conyers’ Bermuda office advised on the matter, working alongside Willkie Farr & Gallagher LLP and Sidley Austin LLP.