Walkers Wins Finance Dublin Deals of the Year for Atlas IX Cat Bond

Award Winning Deal
Walkers Ireland was announced on 31 March 2014 as the winner of the Finance Dublin Debt Capital Markets Deal of the Year*, for advising on the $180 million Atlas IX Extreme Mortality Catastrophe Bond.

Deal Overview
In September 2013, reinsurer SCOR Global Life successfully secured US$180 million of extreme mortality protection through a catastrophe bond transaction facilitated by Atlas IX Capital Limited. The transaction involved the issuance of Series 2013-1 Notes under the Atlas IX Capital Limited Principal-at-Risk Variable Note Programme, a cat bond programme established in Ireland.

Deal Significance
This is the first extreme mortality cat bond deal done in Ireland. Within the insurance linked securities (ILS) industry the deal was notable for the very low attachment threshold applicable to the notes and an extraordinarily narrow corridor between the attachment and exhaustion points.

The last 12 months has seen a breakthrough for ILS transactions in Ireland. Several European-based sponsors have now established cat bond or sidecar platforms in (or have relocated existing platforms to) Ireland which is seen as the natural domicile for issuers in these transactions. Walkers Ireland has acted on all Irish-based ILS transactions in this period and we expect further activity in this sector of the debt capital markets in the coming 12 months.

Walkers Team
The Walkers team was comprised of Garry Ferguson and Noeleen Ruddy who advised on Irish legal issues, Olivia Long who advised on Irish tax matters and Therese Redmond who acted as listing agent.

 

*Award Category: Debt Capital Markets, Financial Services (International) Insurance


IRELAND
Garry FergusonManaging PartnerT +353 1 470 6659garry.ferguson@walkersglobal.com
Noeleen RuddyPartnerT +353 1 470 6650noeleen.ruddy@walkersglobal.com
Therese RedmondHead of Listing ServicesT +353 1 470 6645 therese.redmond@walkersglobal.com
Ken FoleySenior Listing ExecutiveT +353 1 470 6672ken.foley@walkersglobal.com