Clifford Chance

Clifford Chance Advises KaylaRe Ltd. on its Formation as a New Bermuda-Based Reinsurance Company

KaylaRe is the fourth reinsurance launch handled by the Firm's New York office under the leadership of Insurance/M&A partner Gary Boss.

Leading international law firm Clifford Chance has advised on the formation and capital raise of KaylaRe Holdings Ltd. and its wholly owned subsidiary, KaylaRe Ltd. ("KaylaRe"), a Bermuda-based reinsurance company.

KaylaRe launched with initial capital of US$620 million, backed by a US$300 million investment from Enstar Group Limited, a US$270 million investment from funds managed by Hillhouse Capital Management and a US$50 million investment from funds managed by Stone Point Capital.

Clifford Chance has advised on most of the completed deals in this market since its inception, with an aggregate value of US$3.85 billion, including the KaylaRe deal. Other deals include the award-winning launches of Watford Holdings (US$1.13 billion in 2014) and Fidelis Insurance Holdings (US$1.5 billion in 2015) – both recognized as the best capital raise of their respective years by Reactions magazine – as well as the launch of Harrington Reinsurance Holdings Limited (US$600 million in 2016).

In addition to Mr. Boss, the Firm's multidisciplinary team included Tax partner Mike Seaton; Capital Markets partner Per Chilstrom; and associates Analisa Dillingham, Kirsten Gaeta, Alan Kravitz, Dean Agnos and Andrew Young.

Clifford Chance is the established market leader in alternative capital insurance ventures. Working collaboratively with these pioneering startups, Mr. Boss continues his active role in advising on deals currently under way in this market.