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Conyers Dill & Pearman advised Lloyds TSB Bank plc and ING Bank N.V., London Branch as mandated lead arrangers and lenders in connection with amendments to a US$100 million standby letter of credit facility for Talbot Holdings Ltd, part of the New York listed insurer Validus group.
Conyers advised on Bermuda law aspects of the facility documentation and the banks’ security package, working alongside Clifford Chance who advised on the English law aspects of the transaction. The amended facility provides for the issuance of up to $25 million (denominated in US Dollars or Pound Sterling) of secured letters of credit to be issued for the benefit of Lloyd’s of London.
With a multi-jurisdictional presence in Bermuda, BVI, Cayman and London, Conyers has advised on a large number of financing transactions this year.
Validus Holdings, Ltd. is a provider of reinsurance and insurance, conducting its operations worldwide through two wholly-owned subsidiaries, Validus Reinsurance, Ltd. (“Validus Re”) and Talbot Holdings Ltd. (“Talbot”). Validus Re is a Bermuda based reinsurer focused on short-tail lines of reinsurance. Talbot is the Bermuda parent of the specialty insurance group primarily operating within the Lloyd’s insurance market through Syndicate 1183.