Walkers' Ireland advises on first catastrophe bond programme through an Irish Solvency II MA SPV

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Congratulations to UnipolSai Assicurazioni S.p.A., the major operating company within the Unipol Gruppo, for successfully sponsoring a new catastrophe bond programme through an Irish Solvency II MA SPV. Azzurro RE II DAC is the first multi-arrangement catastrophe bond programme approved by the Central Bank of Ireland.

Ireland is the long-standing European jurisdiction of choice for locating special purpose vehicles for catastrophe bond transactions and Walkers Ireland is delighted to have advised on this significant first for the Insurance Linked Securities (ILS) market. Congratulations to the deal team which included UnipolSai,  Cadwalader, Wickersham & Partners, Willis Tower Watson, Munich Re, Swiss Re and BNYM.

"Walkers was delighted to assist UnipolSai in launching the first multi-arrangement catastrophe bond programme approved by the Central Bank of Ireland. With Ireland firmly recognised as the European jurisdiction of choice for alternative risk transfer, our team is proud to have been involved in this landmark deal for the ILS market and to have advised on all Solvency II cat bonds structured through Ireland to date, "commented Noeleen Ruddy, Partner, ILS Group.

Article Published: 18/08/2020