Walkers Acts as Bermuda Counsel to Vantage in US$225 million Inaugural Cat Bond

Walkers has acted as Bermuda counsel to Vantage Risk Ltd ("Vantage"), the Bermuda-based insurance and reinsurance start up, in relation to Vista Re 2021-1, Vantage's US$225 million inaugural catastrophe bond ("cat bond") issuance which increased 50% from the initial target.

Launched on 4 May 2021, the US$225 million cat bond benefits Vantage and provides reinsurance protection for natural catastrophe perils in North America on an industry loss trigger basis over a three-year term.

Walkers' Bermuda insurance team, led by partners Sarah Demerling and Peter Dunlop, worked on the formation and licensing of the Special Purpose Insurer ("SPI"), Vista Re Ltd, and advised on the Bermuda aspects of the cat bond issuance. Walkers' Bermuda listing team, led by partner Natalie Neto, acted as BSX listing sponsor."