Walkers Acts on Two Deals Shortlisted for Trading Risk Awards 2018

Walkers is delighted to have advised on two significant transactions which have been short-listed for Non-Life Transaction of the Year 2018 at the annual Trading Risk Awards:

  • Hexagon Re - Willis Towers Watson Securities & Natixis for Covéa
  • Lion II Re - GC Securities & Munich Re Capital Markets for Generali

The Trading Risk Awards will take place in New York on 14 June 2018 and represent the pinnacle of success for the Insurance Linked Securities (ILS) industry. Walkers is the leading advisor for ILS transactions in Ireland and earlier this year won a Finance Dublin Deal of the Year (Financial Services: Insurance category) for its role in Hexagon Re.

Hexagon Re:
Walkers acted as issuer counsel to Covéa Group. The transaction involved the issuance of two tranches of Principal At Risk Variable Rate Notes due January 2022, each in the amount of EUR 45 million, providing Covéa Group insurer entities and subsidiaries with EUR 90 million of protection against French windstorms. This is the first indemnity trigger, aggregate basis cat bond issuance addressed specifically at covering windstorms across Metropolitan France. It is the first time a European cat bond has supported capacity at the bottom of a traditional reinsurance program, as well as the first time a European indemnity-trigger cat bond was placed on an annual aggregate basis.

Lion II Re:
Walkers acted as Issuer legal and tax counsel in relation to Generali's third cat bond transaction which involved the issuance of EUR 200 million Principal-at-Risk Variable Rate Notes due July 15, 2021 through Irish special purpose vehicle, Lion II Re DAC. The deal provides Generali with EUR 200 million of protection against European windstorm, Italian earthquake and European flood events.

Commenting on the short-listed awards Garry Ferguson, Managing Partner, Walkers' Ireland office said, "although we have seen increased competition from the UK and Malta, Ireland remains the primary ILS domicile in Europe for European sponsors. We were pleased that Covéa chose Ireland as the domicile for its first ILS issuer and were delighted to work again with Generali on Lion II Re."