Advising Verdant Rock Limited on its de novo Class 3B insurance application from the Bermuda Monetary Authority

Our Bermuda team is delighted to have advised Verdant Rock Limited on its successful application to the Bermuda Monetary Authority (BMA) for approval in principle to register as a Class 3B insurer under the Insurance Act 1978, as amended. The BMA issued its approval in principle on 27 March 2026, representing a significant regulatory milestone for the company. The company is now taking steps to complete its registration process.

Verdant Rock will be a Bermuda-based financial guarantee platform focused on emerging markets. The Class 3B licence, once issued, will position the company to deliver investment grade financial guarantee capacity at scale across Asia, Africa, Latin America, and Eastern Europe, bringing much-needed capacity back to a market that has been underserved for more than a decade. 

Bart Turtelboom, Chairman at Verdant Rock commented: 'Bermuda’s regulatory framework provides precisely the combination of supervisory rigour and structural sophistication that a scaled institutional financial guarantee platform requires. With the BMA’s approval now secured, our focus turns to demonstrating the earnings power of a disciplined, emerging markets guarantee book in exactly the markets where Basel compliant credit enhancement demand is unmet.'

Sarah Demerling, partner at our Bermuda office and counsel to Verdant Rock, commented: 'This approval in principle reinforces Bermuda’s position as a leading jurisdiction for sophisticated commercial insurance solutions. Verdant Rock’s experienced management team and global ambitions make it very well placed to establish a premier financial guarantor in the emerging markets space. We are proud to have supported the company through this important regulatory milestone and look forward to its continued growth.'

We congratulate Chairman and Co-founder Bart Turtelboom and Co-Founder Tolga Uzuner, and the entire Verdant Rock team on this achievement. 

Our team comprised partners Sarah Demerling and Leonie Tear, and senior associates Joshua Bradbury and Tyson Oladokun, with support from the Finance team Nathalie West and Joe Williams.