Walkers acts for Credit Suisse ILS funds in victory against Aeolus Re Ltd Walkers is pleased to have acted as Bermuda counsel to seven funds managed by Credit Suisse ILS Ltd, who were successful in Bermuda Supreme Court proceedings brought by Aeolus Re Ltd arising from a $20 million industry loss warranty in ISDA swaps format. The decision of Chief Justice Hargun is the only one of its kind in Bermuda or international jurisprudence addressing the issue of how and when to determine whether a reporting disruption has taken place in respect of a free report publisher such as Munich Re’s NatCat Service. The dispute arose following industry losses in Japan from Typhoon Jebi in 2018 and concerned whether NCS, as the named report publisher in the swap, had altered its reporting criteria or frequency of industry loss reports after widespread reporting of alleged loss creep. The Court found wholly in favour of Walkers' clients.The Credit Suisse ILS funds were represented by a team led by partner and co-lead of the re/insurance and ILS team at Walkers, Peter Dunlop, and included Walkers associate Izabella Arnold. The Judgment can be found here:FINAL_Judgment_2020_No._369_civ._Aeolus_Re_Ltd_v_CS_ILS_SICAV_SIF_et_al_with_citation.pdf (www.gov.bm). Primary Contacts BERMUDAPeter DunlopPartnerT +1 441 242 1524 peter.dunlop@walkersglobal.comIzabella ArnoldAssociateT +1 441 242 1526 izabella.arnold@walkersglobal.com
