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2024 Listing Sponsor and Catbond Deals

Feb 6, 2025

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The cat bond market once again saw another record year in 2024. In total there were 93 144A cat bonds (or equivalent) issued.

Walkers' Bermuda office Listing Sponsor and Catbond Deals 2024

The catastrophe bond market once again saw another record year in 2024. In total there were 93 144A catastrophe bonds (or equivalent) issued. Total 144A catastrophe bond issuance, which includes 144A catastrophe bonds covering other lines of re/insurance business such as cyber and terrorism, also hit a new high of $17.2 billion. 

January 

Montoya Re Ltd. - $100m catastrophe bond

Our Bermuda team advised Inigo Insurance on its third catastrophe bond covering named storms and earthquakes in North America and Canada.

We acted as legal counsel and listing sponsor for Montoya Re Ltd. on its $100mSeries 2024-1 Class A Principal At-Risk Variable Rate Notes due7 April 2027,which was listed on the Bermuda Stock Exchange ("BSX").

Visit here for more information.

April 

Kendall Re Ltd. - $300m catastrophe bond

Our Bermuda team advised the Aspen Insurance Group on their catastrophe bond covering named storms, earthquakes and windstorms in Europe and the US.

We acted as legal counsel for Kendall Re Ltd. on its $225mSeries 2024-1 Class A Principal At- Risk Variable Rate Notes due 30 April 2027 and its $75mSeries 2024-1 Class B Principal At-Risk Variable Rate Notes due 30 April 2027, which was listed on the BSX.

Visit here for more information.

June

Windmill III Re DAC - €100m catastrophe bond 

Our teams in Ireland and Bermuda advised Achmea Reinsurance Company N.V. on their catastrophe bond covering windstorms in Europe.

We acted as listing sponsor for Windmill III Re DAC on its €100mSeries 2024-1 Class A Principal At-Risk Variable Rate Notes due 5 July 2028, which was listed on the BSX.

Visit here for more information. 

December 

Maschpark Re Ltd. - $100m catastrophe bond 

Our Bermuda office advised Talanx AG (via Hannover Ruck SE) on the incorporation and licensing of Maschpark Re Ltd. as a special purpose insurer with the Bermuda Monetary Authority. Our team advised on its debut parametric catastrophe bond covering earthquakes meeting Earthquake Covered Event Conditions in South America.

We acted as legal counsel and listing sponsor for Maschpark Re Ltd. on its $100mSeries 2024-1 Class A Principal At-Risk Variable Rate Notes due 10 January 2028, which was listed on the BSX.

Visit here for more information.

Recoletos Re DAC - $125m catastrophe bond

Our Ireland and Bermuda teams advised Mapfre Re, Compañía de Reaseguros, S.A. on their debut catastrophe bond covering named storms across all 50 states of the United States of America and the District of Columbia.

We acted as listing sponsor for Recoletos Re DAC on its $125mSeries 2024-1 Class A Principal At-Risk Variable Rate Notes due 7 January 2028 which was listed on the BSX.

Visit here for more information.

London Bridge 2 PCC Limited acting for and on behalf of its protected cell "Fuchsia 2" – $200m catastrophe bond

Our Bermuda team assisted Beazley on its second catastrophe bond issued using the Lloyd's sponsored UK domiciled ILS Vehicle, London Bridge 2 PCC Limited on its catastrophe bond covering storms and earthquakes in North America and South America.

We acted as listing sponsor for London Bridge 2 PCC Limited acting for and on behalf of its protected cell "Fuchsia 2" on its $200m Series 2024-1 Class A Principal At-Risk Variable Rate Notes due 6 April 2028 which was listed on the BSX.

Visit here for more information.

Our Teams: 

Our Ireland team was led by partner, Co-Head Finance & Capital Markets team Noeleen Ruddy, partner Muireann Nic Dhonncha, Tax Consultant Padhraic Mulpeter, senior associate Clare Mannion, associates Clarissa Shortland, Éire Dempsey and Emmajane Tonery.

Our Bermuda team was led by partners Sarah Demerling and Nathalie West, associates Aleisha Hollis and Karina Skinner.

FinanceInsuranceBermudaIreland

Media contact

Chloe Ainsworth

Chloe Ainsworth

Communications Manager - Europe/Jersey

T/+44 (0) 1534 700 759
M/+44 (0) 7797 855 270
E/Email Chloe Ainsworth

Emily Hirsch

Communications and Digital Marketing Manager - Americas/Cayman Islands

T/+1 345 814 6805
M/+1 345 936 6805
E/Email Emily Hirsch
Jenny Kokolas

Jenny Kokolas

Communications Manager - Global

T/+44 20 7220 4999
M/+44 (0)7301 272 247
E/Email Jenny Kokolas

Key contacts

Get in touch with our team

Sarah Demerling
Sarah Demerling

Sarah Demerling

Partner

Bermuda

T

+1 441 242 1525

M

+1 441 525 1525

E

Email Sarah Demerling
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Muireann Nic Dhonncha
Muireann Nic Dhonncha

Muireann Nic Dhonncha

Partner

Ireland

T

+353 1 470 6677

M

+353 87 143 5519

E

Email Muireann Nic Dhonncha
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Noeleen Ruddy
Noeleen-Ruddy

Noeleen Ruddy

Partner

Ireland

T

+353 1 470 6650

M

+353 86 028 2340

E

Email Noeleen Ruddy
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Nathalie West
Nathalie West

Nathalie West

Partner

Bermuda

T

+1 441 242 1523

M

+1 441 525 1523

E

Email Nathalie West
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Padhraic Mulpeter
Padhraic Mulpeter

Padhraic Mulpeter

Tax Consultant

Ireland

T

+353 1 863 8595

M

+353 86 440 6040

E

Email Padhraic Mulpeter
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Clare Mannion
Clare Mannion

Clare Mannion

Senior Associate

Ireland

T

+353 1 863 8528

M

+353 86 796 7001

E

Email Clare Mannion
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Éire Dempsey
Éire Dempsey

Éire Dempsey

Associate

Ireland

T

+353 1 863 8525

E

Email Éire Dempsey
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Aleisha Hollis
AHollis

Aleisha Hollis

Associate

Bermuda

T

+1 441 242 1554

M

+1 441 525 1554

E

Email Aleisha Hollis
View profile
Clarissa Shortland
Clarissa Shortland

Clarissa Shortland

Associate

Ireland

T

+353 1 470 6695

E

Email Clarissa Shortland
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