Aug 2024
Conyers acted as special Bermuda counsel advising on the establishment and licensing of Bellemeade Re 2024-1 Ltd. as a special purpose insurer. The transaction included the issuance of a total of US$163,164,000 Series 2024-1 Mortgage Insurance-Linked Notes due 25 August 2034 to investors.
Conyers’ role included assisting with the preparation of documents, registering the company with the Bermuda Monetary Authority, facilitating the listing of the notes on the Bermuda Stock Exchange and providing Bermuda law advice to the company up to closing.
This vehicle was sponsored by Arch Mortgage Insurance Company and United Guaranty Residential Insurance Company. This transaction is the 21st issuance of mortgage insurance-linked notes under the Bellemeade Re name and the 19th for Bermuda-based Arch Capital Group Ltd. insurance entities under its ownership.
Conyers Bermuda Director Alexandra Macdonald and Associate Nicole Yearwood of Conyers’ Bermuda office advised on the matter, working alongside Willkie Farr & Gallagher LLP and Mayer Brown LLP. Conyers Securities (Bermuda) Limited acted as Listing Sponsor advising on the listing of the notes on the BSX.