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Conyers advised Allstate Insurance Company (“Allstate”) on a US$350 million catastrophe bond deal. The deal required the formation of a Bermuda special purpose insurer, Sanders Re Ltd., established for the purpose of issuing cat bond notes. The issuance provided Allstate and its affiliates with fully-collateralised reinsurance protection against covered US hurricane and earthquake exposures. The notes are listed on the Bermuda Stock Exchange and are due in May 2017.
Chris Garrod, Mary Ward and Jacqueline King of the Conyers’ Bermuda office advised on this matter, working alongside Willkie Farr & Gallagher LLP.