Mar 2026
Conyers has acted as special Cayman Islands legal counsel for Delphi Financial Group, an affiliate of Tokio Marine (a multinational insurance company headquartered in Tokyo, Japan), to complete an (up to) US$10 billion funding agreement backed notes (FABN) issuance pursuant to a global notes program.
This was the first transaction of its kind in the Cayman Islands completed under the Insurance (Amendment) Act 2022. Pursuant to the program, FABNs may be issued by Tokio Marine Global Funding SPC (a Cayman Islands exempted company registered as a segregated portfolio company) and secured by funding agreements issued by Tokio Marine Funding Solutions PIC, Ltd. (a Cayman Islands portfolio insurance company).
The FABN have since been assigned a ‘AA-‘ rating by Fitch Ratings.
Read more here.