Selective Insurance, the US property and casualty insurer, has entered the catastrophe bond market for the first time, seeking $200 million or more in multi-peril collateralized reinsurance from High Point Re Ltd. (Series 2023-1) issuance.
This is the first catastrophe bond that US insurer Selective Insurance Company has sponsored, as the company turns to a fully securitized Rule 144a capital markets backed source of reinsurance.
Appleby advised on the formation and registration of the company as a special purpose insurer as well as the preparation of Bermuda documentation and certain legal matters relating to the Notes and various legal matters relating to Bermuda law.
Bermuda Managing Partner Brad Adderley led the transaction with support from Associate Melinda Mayne.
