Advised the Los Angeles Department of Water and Power on a US$100m catastrophe bond covering wildfire risks in California

Our Bermuda office recently acted as Bermuda counsel assisting with the establishment and licensing of 123 Lights Re Ltd. as a special purpose insurer with the Bermuda Monetary Authority, covering exposure to wildfire risks in California. Our team was delighted to advise the Los Angeles Department of Water and Power (LADWP) on its third catastrophe (cat) bond issuance, a US$100m cat bond which provided the LADWP with per-occurrence coverage on a county-weighted industry loss index basis for wildfire events in the state of California through to the end of August 2028.

We acted as listing sponsor and Bermuda counsel for 123 Lights Re Ltd. on its US$100m Series 2025-1 Class A Principal At-Risk Variable Rate Notes listed on the Bermuda Stock Exchange. 

The team comprised partners Sarah Demerling, Nathalie West and Leonie Tear, senior counsel Joe Williams and associate Karina Skinner. Please visit the Artemis directory entry for more information.