Mar 2023
Conyers advised special purpose insurer Titania Re Ltd. on its new US$125 million catastrophe bond issuance. Listed on the Bermuda Stock Exchange (BSX), the issuance comprises US$75 million Series 2023-1 Class A Principal At-Risk Variable Rate Notes and US$50 million Series 2023-1 Class B Principal At-Risk Variable Rate Notes, both due 27 February 2026.
Ariel Re, a global reinsurance business with offices in Bermuda, London and Hong Kong, sponsored the issuance, which will provide Ariel Re with collateralized reinsurance cover for named storms and earthquakes in all U.S. states, Puerto Rico, the U.S. Virgin Islands and Canada.
Director Alexandra Macdonald and Associate Kathleen McBeath of Conyers’ Bermuda office advised on the matter, working alongside Willkie Farr & Gallagher LLP, legal advisors to the issuer and the ceding insurer.
More details are available in Ariel Re’s press release.