Bio
Josephine Noddings is Counsel in the Corporate department of Appleby´s Bermuda office. She practices in all areas of corporate and commercial law, including insurance law and regulation, public and private M&A and joint ventures.
In addition, her practice includes advising on the structuring and formation of investment funds, including master and feeder structures and ILS funds. Josephine is a member of Appleby’s global Technology & Innovation group, providing comprehensive advice in connection with all aspects of digital asset issuances and the carrying on of digital asset business.
She joined Appleby in August 2017.
Bio
Josephine Noddings is Counsel in the Corporate department of Appleby´s Bermuda office. She practices in all areas of corporate and commercial law, including insurance law and regulation, public and private M&A and joint ventures.
In addition, her practice includes advising on the structuring and formation of investment funds, including master and feeder structures and ILS funds. Josephine is a member of Appleby’s global Technology & Innovation group, providing comprehensive advice in connection with all aspects of digital asset issuances and the carrying on of digital asset business.
She joined Appleby in August 2017.
Work Highlights
- BEAT CAPITAL PARTNERS LTD., Appleby acted as Bermuda counsel to Beat Capital Partners Ltd. (“Beat”), in respect of the sale of 60% of its share capital to Ambac Financial Group, Inc. (“Ambac”);
- BLACKSTONE, Advised in the $3 billion equity capital raise of Resolution Life, a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies, and Blackstone, the world’s largest alternative asset manager with $1 trillion in assets under management;
- ARTEX CAPITAL SOLUTIONS, Appleby Bermuda advised Artex Capital Solutions, a division of Artex Risk Solutions, on its acquisition of Bermuda-based Frontier Financial Services Limited;
- AEGON, Appleby Bermuda acts as counsel to the Aegon group in connection with the proposed re-domiciliation of Aegon N.V. to Bermuda;
AFRICAN RISK CAPACITY LTD, Appleby Bermuda advised ARC Ltd, a long-standing client, on its first parametric insurance product against high-impact epidemic risks;
- STABLEHOUSE LTD., Acted as Bermuda counsel to Stablehouse Ltd. in connection with its US$12million seed funding and associated regulatory clearances;
- S&P GLOBAL, Advised S&P Global in its USD 140 billion merger with IHS Markit;
- WEJO, Advised Wejo, a global leader in connected vehicle data, in its USD1.1 billion merger with Virtuoso Acquisition Corp. Advised Wejo Group Limited, Wejo Bermuda Limited and Wejo Limited on matters of Bermuda law;
- Acted for the UK’s largest special motor insurer and Lloyds’s underwriter ERS Insurance (now rebranded IQUW) in developing a significant presence in Bermuda including the establishment of a Class 3B reinsurer;
- NANOROCK FUND LTD., Provided full service Bermuda law advice regarding the formation and launch of the Nanorock fund including under Bermuda’s insurance and investment fund regulatory regimes;
- NORTHSTAR GROUP LTD., Acted as counsel to the seller of Northstar Group (Bermuda) Limited and its wholly-owned subsidiary, Providence Life Assurance Company Limited to Alpha Growth Plc.;
- KKR, Acted as counsel to Global Atlantic Financial Group Limited (Global Atlantic) in connection with the sale of Global Atlantic to a subsidiary of KKR & Co. Inc. (KKR);
- INTEGRAL ILS LTD., Advised Integral ILS Ltd., in connection with a significant cornerstone investment from alternative investment manager New Holland Capital (NHC), bringing secured commitments up to $600 million;
- INTEGRAL ILS LTD., Advised Integral ILS Ltd., an independent alternative fund manager focused on insurance-linked strategies in connection with a significant cornerstone investment;
- PGGM, Acted as Bermuda counsel to PGGM, a cooperative Dutch pension fund service provider, in relation to an investment into Swiss Re’s sidecar vehicle, Viaduct Re Ltd.;
- MATTERHORN RE LTD., Advised Matterhorn Re Ltd., on the launch of its first catastrophe bond of 2020 under the sponsorship of Swiss Re. This represents Swiss Re’s exciting return to the cat-bond market in 2020 following the successful launch of its 2019-1 catastrophe bond, also through Matterhorn Re Ltd.;
- SIERRA LTD., Advised Sierra Ltd., the vehicle used by Bayview Asset Management, LLN in its first ever ILS transaction. The novel transaction saw a non-insurance derivative structure adopted under which US earthquake risk coverage is provided under a risk transfer agreement;
- ACCORINVEST GROUP, Acted as Bermuda counsel to AccorInvest Group in connection with the sale of its Fairmont Southampton property. Fairmont Southampton which features 593-rooms, 10 restaurants, a spa, the 18-hole, par-three Turtle Hill Golf Club, the Mid-Ocean Amphitheatre and more than 25,000 square feet of meeting space is Bermuda’s largest tourism property;
- STABLEHOUSE, Acted as counsel to Stablehouse in connection with its application for a Class M Licence;
- SANDELL HOLDINGS LTD., Acted for the shareholders of Sandell Holdings Ltd in connection with its sale to Randall & Quilter II Holdings Limited;
- HORSESHOE INSURANCE SERVICES HOLDINGS LTD., Acted as counsel to the sellers of Horseshoe Insurance Services Holdings Ltd. in connection with the sale of the Horseshoe group to Artex Risk Solutions (Holdings) Limited, a subsidiary of Arthur J. Gallagher & Co;
- XBTO, Advised on the successful application for a Digital Asset Business (DABA) Licence as a Digital Asset Service Vendor (Market maker for digital assets) under the Digital Asset Business Act which represented the third DABA licence to have been issued by the Bermuda Monetary Authority;
- CONVEX GROUP LIMITED, Acted as Bermuda counsel to Convex Group, a newly launched specialty re/insurer. The group has been capitalised initially with approximately USD 1.6 billion of common shareholders’ equity, drawn from a USD 1.8 billion facility provided by a consortium of investors. Convex Group Limited is a specialty insurer and reinsurer focused on complex risks founded by Stephen Catlin and Paul Brand, with operations in Bermuda and London;
- SIRIS CAPITAL GROUP LLC, Advised in relation to the acquisition of Travelport Worldwide Limited by Siris Capital Group LLC and Elliot Management Corp;
- LONGTAIL AVIATION, Advised Fabian Bello on the purchase of a majority interest in Longtail Aviation, a Bermudian-based charter jet operator and the only holder of a Bermuda air operators certificate;
- ARTEX SAC LIMITED, Advised Artex SAC Limited in connection with several Dodeka private catastrophe bond transactions from ILS investment fund manager Twelve Capital;
- TULLETT PREBON, Advised Tullett Prebon, one of the world´s leading interdealer brokers, on the launch of their Insurance-Linked Notes (ILN) platform which will allow registered users to buy or sell natural catastrophe protection using customisable instruments;
- ASPEN INSURANCE HOLDINGS LIMITED, Acted for Aspen Insurance Holdings Limited during a competitive sale process (valued at c. $2.6 billion) which was won by private equity firm Apollo Global Management LLC;
- SEADRILL, Advised the coordinating committee representing a bank group holding USD 7.4 billion in secured debt, on Seadrill Limited’s successful completion of its USD 10 billion restructuring plan pursuant to its chapter 11 plan of reorganisation. This high profile restructuring was one of the most complex restructurings in history and the largest ever in the offshore drilling sector;
- TAILWIND RE LTD., Advised Bermuda headquartered reinsurance firm Validus Holdings on its first full catastrophe bond issuance with the Tailwind Re Ltd., valued at $400 million;
- HOPLON III, Advised on the incorporation and organization of a special purpose insurer, Hoplon III, and the formation of the purpose trust pursuant to the third insurance-linked (ILS) securities transaction from MyLotto24, a UK-based lottery provider owned by the Zeal Group. Matter value €90 million;
- MARVELL TECHNOLOGY GROUP LTD., (MARVELL), Advised on the acquisition of Cavium for USD 6 billion. Advice included the preparation of a presentation to be delivered to the directors of Marvell, outlining the fiduciary duties arising under Bermudian law in the context of the transaction.
Work Highlights
- BEAT CAPITAL PARTNERS LTD., Appleby acted as Bermuda counsel to Beat Capital Partners Ltd. (“Beat”), in respect of the sale of 60% of its share capital to Ambac Financial Group, Inc. (“Ambac”);
- BLACKSTONE, Advised in the $3 billion equity capital raise of Resolution Life, a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies, and Blackstone, the world’s largest alternative asset manager with $1 trillion in assets under management;
- ARTEX CAPITAL SOLUTIONS, Appleby Bermuda advised Artex Capital Solutions, a division of Artex Risk Solutions, on its acquisition of Bermuda-based Frontier Financial Services Limited;
- AEGON, Appleby Bermuda acts as counsel to the Aegon group in connection with the proposed re-domiciliation of Aegon N.V. to Bermuda;
AFRICAN RISK CAPACITY LTD, Appleby Bermuda advised ARC Ltd, a long-standing client, on its first parametric insurance product against high-impact epidemic risks;
- STABLEHOUSE LTD., Acted as Bermuda counsel to Stablehouse Ltd. in connection with its US$12million seed funding and associated regulatory clearances;
- S&P GLOBAL, Advised S&P Global in its USD 140 billion merger with IHS Markit;
- WEJO, Advised Wejo, a global leader in connected vehicle data, in its USD1.1 billion merger with Virtuoso Acquisition Corp. Advised Wejo Group Limited, Wejo Bermuda Limited and Wejo Limited on matters of Bermuda law;
- Acted for the UK’s largest special motor insurer and Lloyds’s underwriter ERS Insurance (now rebranded IQUW) in developing a significant presence in Bermuda including the establishment of a Class 3B reinsurer;
- NANOROCK FUND LTD., Provided full service Bermuda law advice regarding the formation and launch of the Nanorock fund including under Bermuda’s insurance and investment fund regulatory regimes;
- NORTHSTAR GROUP LTD., Acted as counsel to the seller of Northstar Group (Bermuda) Limited and its wholly-owned subsidiary, Providence Life Assurance Company Limited to Alpha Growth Plc.;
- KKR, Acted as counsel to Global Atlantic Financial Group Limited (Global Atlantic) in connection with the sale of Global Atlantic to a subsidiary of KKR & Co. Inc. (KKR);
- INTEGRAL ILS LTD., Advised Integral ILS Ltd., in connection with a significant cornerstone investment from alternative investment manager New Holland Capital (NHC), bringing secured commitments up to $600 million;
- INTEGRAL ILS LTD., Advised Integral ILS Ltd., an independent alternative fund manager focused on insurance-linked strategies in connection with a significant cornerstone investment;
- PGGM, Acted as Bermuda counsel to PGGM, a cooperative Dutch pension fund service provider, in relation to an investment into Swiss Re’s sidecar vehicle, Viaduct Re Ltd.;
- MATTERHORN RE LTD., Advised Matterhorn Re Ltd., on the launch of its first catastrophe bond of 2020 under the sponsorship of Swiss Re. This represents Swiss Re’s exciting return to the cat-bond market in 2020 following the successful launch of its 2019-1 catastrophe bond, also through Matterhorn Re Ltd.;
- SIERRA LTD., Advised Sierra Ltd., the vehicle used by Bayview Asset Management, LLN in its first ever ILS transaction. The novel transaction saw a non-insurance derivative structure adopted under which US earthquake risk coverage is provided under a risk transfer agreement;
- ACCORINVEST GROUP, Acted as Bermuda counsel to AccorInvest Group in connection with the sale of its Fairmont Southampton property. Fairmont Southampton which features 593-rooms, 10 restaurants, a spa, the 18-hole, par-three Turtle Hill Golf Club, the Mid-Ocean Amphitheatre and more than 25,000 square feet of meeting space is Bermuda’s largest tourism property;
- STABLEHOUSE, Acted as counsel to Stablehouse in connection with its application for a Class M Licence;
- SANDELL HOLDINGS LTD., Acted for the shareholders of Sandell Holdings Ltd in connection with its sale to Randall & Quilter II Holdings Limited;
- HORSESHOE INSURANCE SERVICES HOLDINGS LTD., Acted as counsel to the sellers of Horseshoe Insurance Services Holdings Ltd. in connection with the sale of the Horseshoe group to Artex Risk Solutions (Holdings) Limited, a subsidiary of Arthur J. Gallagher & Co;
- XBTO, Advised on the successful application for a Digital Asset Business (DABA) Licence as a Digital Asset Service Vendor (Market maker for digital assets) under the Digital Asset Business Act which represented the third DABA licence to have been issued by the Bermuda Monetary Authority;
- CONVEX GROUP LIMITED, Acted as Bermuda counsel to Convex Group, a newly launched specialty re/insurer. The group has been capitalised initially with approximately USD 1.6 billion of common shareholders’ equity, drawn from a USD 1.8 billion facility provided by a consortium of investors. Convex Group Limited is a specialty insurer and reinsurer focused on complex risks founded by Stephen Catlin and Paul Brand, with operations in Bermuda and London;
- SIRIS CAPITAL GROUP LLC, Advised in relation to the acquisition of Travelport Worldwide Limited by Siris Capital Group LLC and Elliot Management Corp;
- LONGTAIL AVIATION, Advised Fabian Bello on the purchase of a majority interest in Longtail Aviation, a Bermudian-based charter jet operator and the only holder of a Bermuda air operators certificate;
- ARTEX SAC LIMITED, Advised Artex SAC Limited in connection with several Dodeka private catastrophe bond transactions from ILS investment fund manager Twelve Capital;
- TULLETT PREBON, Advised Tullett Prebon, one of the world´s leading interdealer brokers, on the launch of their Insurance-Linked Notes (ILN) platform which will allow registered users to buy or sell natural catastrophe protection using customisable instruments;
- ASPEN INSURANCE HOLDINGS LIMITED, Acted for Aspen Insurance Holdings Limited during a competitive sale process (valued at c. $2.6 billion) which was won by private equity firm Apollo Global Management LLC;
- SEADRILL, Advised the coordinating committee representing a bank group holding USD 7.4 billion in secured debt, on Seadrill Limited’s successful completion of its USD 10 billion restructuring plan pursuant to its chapter 11 plan of reorganisation. This high profile restructuring was one of the most complex restructurings in history and the largest ever in the offshore drilling sector;
- TAILWIND RE LTD., Advised Bermuda headquartered reinsurance firm Validus Holdings on its first full catastrophe bond issuance with the Tailwind Re Ltd., valued at $400 million;
- HOPLON III, Advised on the incorporation and organization of a special purpose insurer, Hoplon III, and the formation of the purpose trust pursuant to the third insurance-linked (ILS) securities transaction from MyLotto24, a UK-based lottery provider owned by the Zeal Group. Matter value €90 million;
- MARVELL TECHNOLOGY GROUP LTD., (MARVELL), Advised on the acquisition of Cavium for USD 6 billion. Advice included the preparation of a presentation to be delivered to the directors of Marvell, outlining the fiduciary duties arising under Bermudian law in the context of the transaction.
Recognition
Josephine is recognised by Legal 500 Caribbean as a ‘Rising Star’ in the Corporate and Commercial category and recommended in the Insurance/Reinsurance category. She is also ranked as a ´Notable Practitioner´ by IFLR1000 and recognised in Bermuda:Re+ILS as a ‘Rising Star’ for 2019, which features highly regarded professionals in Bermuda under the age of 35.
Recognition
Josephine is recognised by Legal 500 Caribbean as a ‘Rising Star’ in the Corporate and Commercial category and recommended in the Insurance/Reinsurance category. She is also ranked as a ´Notable Practitioner´ by IFLR1000 and recognised in Bermuda:Re+ILS as a ‘Rising Star’ for 2019, which features highly regarded professionals in Bermuda under the age of 35.
Coverage & Insights
publications:
- Bermuda – Women in Hamilton: Josephine Noddings – Bermuda:Re+ILS – July 2024
- Insurance & Reinsurance – Chambers and Partners Global Guides – January 2024
- Centre Stage: Bermuda’s Role In An Insurtech Revolution – Bermuda Finance, Insurtech Roundtable – October 2022
- Insurtech ILS and the New Normal – Bermuda Business Review – June 2022
- Holding their nerve: Harder rates should persist for reinsurers – Bermuda Finance Reinsurance Roundtable – December 2021
- BMA forms view on cannabis related risk – The Royal Gazette, Legally Speaking – December 2019
- Fund bye-laws and payments-in-kind – The Royal Gazette, Legally Speaking – September 2019
- M&A Trends – Buyer Protections – The Royal Gazette, Legally Speaking – April 2019
- The benefits of blockchain for captive insurers – Captive International – 2018
PODCASTS:
- Bermuda’s InsurTech Growth – Bermuda Shorts – July 2022
Coverage & Insights
publications:
- Bermuda – Women in Hamilton: Josephine Noddings – Bermuda:Re+ILS – July 2024
- Insurance & Reinsurance – Chambers and Partners Global Guides – January 2024
- Centre Stage: Bermuda’s Role In An Insurtech Revolution – Bermuda Finance, Insurtech Roundtable – October 2022
- Insurtech ILS and the New Normal – Bermuda Business Review – June 2022
- Holding their nerve: Harder rates should persist for reinsurers – Bermuda Finance Reinsurance Roundtable – December 2021
- BMA forms view on cannabis related risk – The Royal Gazette, Legally Speaking – December 2019
- Fund bye-laws and payments-in-kind – The Royal Gazette, Legally Speaking – September 2019
- M&A Trends – Buyer Protections – The Royal Gazette, Legally Speaking – April 2019
- The benefits of blockchain for captive insurers – Captive International – 2018
PODCASTS:
- Bermuda’s InsurTech Growth – Bermuda Shorts – July 2022
Qualifications & Education
Josephine graduated with an LLB (Hons) in 2009 and completed the Legal Practice Course at the University of Law, Guildford (formerly the College of Law) in 2011. She was admitted to practice as a solicitor in England and Wales in March 2012.
- University of Wolverhampton (England)
- University of Law (Guildford, England)
Qualifications & Education
Josephine graduated with an LLB (Hons) in 2009 and completed the Legal Practice Course at the University of Law, Guildford (formerly the College of Law) in 2011. She was admitted to practice as a solicitor in England and Wales in March 2012.
- University of Wolverhampton (England)
- University of Law (Guildford, England)