Walkers' Ireland and Bermuda teams advise Munich Re on $300 million catastrophe bond

Walkers' teams in Ireland and Bermuda are pleased to have advised Munich Re on Queen Street 2023 Re DAC – a $300 million catastrophe bond covering named storms in the US.

The Walkers team in Ireland was led by Finance and Capital Markets co-head and partner Noeleen Ruddy, of counsel Muireann Nic Dhonncha and tax consultant, Padhraic Mulpeter.

The Walkers team in Bermuda was led by partner Sarah Demerling, senior associate Cathyrn Minors and associate Aleisha Hollis.

For the new cat bond, Munich Re established a new Ireland-based designated activity company named Queen Street 2023 Re DAC which issued a single tranche of notes to cat bond investors with the proceeds used to collateralize a retrocessional reinsurance arrangement between it and the sponsor.

Walkers advised Queen Street 2023 Re DAC as Irish counsel and Bermuda listing agent on the matter and Willkie Farr & Gallagher LLP acted as sponsor counsel.

"We were delighted to advise on this significant deal. With Ireland firmly recognised as the European jurisdiction of choice for alternative risk transfer, our team is proud to have been involved in another significant deal for the ILS market," said Noeleen.

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