Feb 2025
Conyers advised Gateway Re Ltd., a special purpose insurer, on its notes issuance totalling US$520 million. This included the following:
- US$110 million Series 2025-1 Class AAA Principal At-Risk Variable Rate Notes due 7 July 2028,
- US$130 million Series 2025-1 Class AA Principal At-Risk Zero Coupon Notes due 22 December 2025,
- US$80 million Series 2025-1 Class A Principal At-Risk Variable Rate Notes due 7 July 2028,
- US$50 million Series 2025-1 Class C1 Principal At-Risk Zero Coupon Notes due 22 December 22 2025,
- US$150 million Series 2025-1 Class C2 Principal At-Risk Variable Rate Notes due 7 July 2027 to investors.
Conyers’ role included assisting with the preparation of documents, advising on the listing of the notes on the Bermuda Stock Exchange, and providing Bermuda law advice to the company up to the closing. This was another Bermuda catastrophe bond transaction sponsored by SureChoice Underwriters Reciprocal Exchange and SageSure’s largest catastrophe bond transaction.
Director Alexandra Macdonald and Associate Nicole Yearwood of Conyers’ Bermuda office advised on the matter, working alongside Willkie Farr & Gallagher LLP.