Cadwalader Advises on Award-winning Insurance-linked Securities Transaction

June 21, 2019

Cadwalader acted as transaction counsel on the Fidus Re insurance-linked bond, which was named Life Transaction of the Year at the 2019 Trading Risk Awards in London. Cadwalader accepted the award jointly with Build America, a mutual insurer and sponsor of the transaction, and Goldman Sachs & Co. LLC., as arranger.

Fidus Re provides protection to Build America in respect of a portfolio of public-purpose municipal bonds. It is the first insurance-linked bond transaction to cover financial guaranty insurance risk and the first to cover municipal bonds.

Cadwalader’s insurance-linked securities team includes partners Frank Polverino and Ira Schacter and special counsel Matthew Feig in New York, partner Robert Cannon and special counsel Michael Sholem in London, and lawyers from across the firm’s capital markets, financial regulation, tax and corporate practices.

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