Advising Inigo Insurance on Montoya Re Ltd.’s largest cat bond: US$255m issuance and BSX listing

 Our Bermuda team acted as counsel to Inigo Insurance on Montoya Re Ltd.'s three tranche Series 2025-2 issuance of a US$255m catastrophe bond (cat bond) and its listing on the Bermuda Stock Exchange (BSX). Montoya Re Ltd. is a Bermuda special purpose insurer and the issuer of the cat bond which is its largest cat bond yet. 
 
The Series 2025-2 cat bond ultimately benefits Inigo's Syndicate 1301 at Lloyd’s and provides three tranches of retrocessional reinsurance protection, for US named storms, US and Canadian earthquakes and the new peril of Australian earthquakes, on an industry loss trigger basis and for a four-year term.  
 
The Walkers team was led by partner Nathalie West and Sarah Demerling and included senior counsel Joe Williams and associate Kaleb Phillips, who advised on the Bermuda legal and regulatory aspects of the cat bond issuance and related BSX listing. Please visit the  Artemis directory entry for more information.