Appleby acted as Bermuda counsel for global reinsurer Swiss Re on its securing a multi-year stop-loss transaction with funding led by J.P. Morgan, providing the reinsurer with USD 700 million in underwriting protection. The deal provides protection for severe underwriting losses across the Swiss Re Group for the financial years 2023 to 2027.
The transaction utilised a newly established segregated account of the existing Matterhorn Re Ltd., a special purpose insurer vehicle (SPI). The segregated account was financed via an initial USD 700 million facility supported by J.P. Morgan and its institutional investors. The transaction has been structured with the potential to increase to USD 1 billion in size.”