Walkers acts as Bermuda Counsel to Canopius ILS Ltd in US$75 million Multi-Peril Cat Bond

Walkers (Bermuda) Limited has acted as Bermuda counsel to Canopius ILS Ltd, a Bermuda based insurance agent in relation to Finca Re Ltd, a Bermuda special purpose insurer and issuer of an US$75 million multi-peril 144A catastrophe bond ("cat bond") listed on the Bermuda Stock Exchange ("BSX").

Launched in June 2022, the Finca Re Ltd. Series 2022-1 cat bond benefits a number of Canopius underwriting entities, including Canopius Syndicates 4444 and 1861, and provides aggregate reinsurance protection for US named storms and earthquakes on an industry indexed trigger basis, for a three year term.

Walkers Bermuda's insurance team was led by partners Peter Dunlop and Sarah Demerling and included senior counsel Melanie Fullerton and senior associate Cathryn Minors, who worked on the formation and licensing of Finca Re Ltd. and advised on the Bermuda legal and regulatory aspects of the cat bond issuance. Partner Natalie Neto advised on the BSX listing.

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