Cadwalader Advises on Pair of Insurance-linked Securities Transactions Shortlisted for 2018 Trading Risk Awards

May 02, 2018


Ron Brandsdorfer
New York
+1 212 504 6712

Cadwalader advised on two insurance-linked securities transactions shortlisted for 2018 Trading Risk Awards. Trading Risk covers the convergence of the insurance industry and capital markets, including catastrophe bond transactions, collateralized reinsurance and industry loss warranties.

Cadwalader acted as transaction counsel to global insurance group Generali on the Lion II Re catastrophe bond, a finalist for the Non-Life Transaction of the Year Award. Lion II Re provides protection to Generali in respect of European windstorm, Italian earthquake and Europe flood risk. It is the first catastrophe bond transaction to cover multiple Europe perils and the first to cover Europe flood risk. Cadwalader previously represented Generali on its award-winning Lion I Re and Horse Capital insurance-linked securities transactions that issued in 2014 and 2016.

Cadwalader acted as underwriter counsel to Willis Towers Watson Securities and Natixis on the Hexagon Re catastrophe bond, also a finalist for the Non-Life Transaction of the Year Award. Hexagon Re provides protection to French mutual insurance group Covéa in respect of European windstorm risk. It is the first catastrophe bond transaction undertaken by Covéa and is the first pure Europe windstorm risk transaction to provide cover on an aggregate basis.

“It is very rewarding to once again see our lawyers and our firm advising our clients on important and innovative transactions recognized by Trading Risk,” said Michael Gambro, co-chair of Cadwalader’s Capital Markets practice. “The Trading Risk Awards are considered the gold standard for insurance-linked securities.”

Added Stuart Goldstein, the firm’s Capital Markets co-chair in Charlotte, “We have an outstanding and growing practice in the U.S. and in Europe, and we expect to continue to advise on significant transactions as regulatory requirements necessitate new and innovative approaches for our insurer and arranger clients.”

Cadwalader’s insurance-linked securities team includes Nick Shiren, partner, and Robert Cannon, special counsel, in London, and Frank Polverino and Ira Schacter, partners, and Matthew Feig, special counsel, in New York, as well as other lawyers from across the firm’s geographic platform.