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Conyers provided legal and regulatory advice in relation to the licensing of Munich Re of Bermuda, Ltd. (“Munich Re Bermuda”) as a Class C insurer, which has been assigned a financial strength rating of A+ by A.M. Best.
Munich Re Bermuda was licensed as a Class C insurer to reinsure Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft and its affiliates’ (together “Munich Re”) related US life reinsurance business. Munich Re will support Munich Re Bermuda by providing an excess of retention and an excess of loss reinsurance treaty as well as US$330 million of capital.
Director Michael Frith and Associate Jacqueline King of Conyers’ Bermuda office advised on the matter.