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An offshore law firm has advised on the issue of a $45.5m catastrophe bond by Randolph Re, linked to Aon’s White Rock protected cell company.
It marks the first time such a bond has been issued out of a Guernsey-based insurance vehicle, with Randolph previously using Bermuda structures.
The bond is the sixth insurance-linked security offering from the reinsurance company on its catastrophe placement platform.
The Carey Olsen Guernsey corporate team advising on the transaction was partner Christopher Anderson and senior associate Arya Hashemi.
Mr Anderson said: "The delivery of Randolph Re's latest private cat bond via a Guernsey protected cell company for the very first time is a groundbreaking moment for Guernsey's insurance industry. It showcases both the benefits of structuring ILS transactions through Guernsey and Aon's ability to broaden its reach to multiple jurisdictions".
The bonds issued out of the Guernsey cell were listed on the Bermuda Stock Exchange with the assistance of Carey Olsen Bermuda corporate partner Gavin Woods, counsel Max Tetlow and associate Aleeza Dulaney.
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