Bio
Matthew Carr is a partner within the Corporate department of Appleby’s Bermuda office. He joined the firm in September 2010 as a trainee with the Funds & Investment Services team and went on to gain experience with the Private Client & Trusts team, Dispute Resolution team and the Insurance team.
Matthew, who has been a member of the Corporate practice group’s Insurance Team since September 2012, has experience in a wide array of insurance and reinsurance matters involving captives, catastrophe bonds, special purpose insurers, and long-term and general business commercial re/insurers. His practice includes the provision of structural and regulatory advice for new and existing re/insurers and he is frequently involved in the licensing process for new re/insurance structures.
Matthew also gained practical experience in the reinsurance industry with Renaissance Reinsurance Ltd. and when time permits, is an avid sailor and stand-up paddler competing both nationally and internationally.
Bio
Matthew Carr is a partner within the Corporate department of Appleby’s Bermuda office. He joined the firm in September 2010 as a trainee with the Funds & Investment Services team and went on to gain experience with the Private Client & Trusts team, Dispute Resolution team and the Insurance team.
Matthew, who has been a member of the Corporate practice group’s Insurance Team since September 2012, has experience in a wide array of insurance and reinsurance matters involving captives, catastrophe bonds, special purpose insurers, and long-term and general business commercial re/insurers. His practice includes the provision of structural and regulatory advice for new and existing re/insurers and he is frequently involved in the licensing process for new re/insurance structures.
Matthew also gained practical experience in the reinsurance industry with Renaissance Reinsurance Ltd. and when time permits, is an avid sailor and stand-up paddler competing both nationally and internationally.
Work Highlights
- INSURENT AGENCY CORPORATION, Appleby acted as Bermuda counsel to RS Reinsurance and its parent company Insurent Agency Corporation (Insurent) in the sale of Insurent to MRI Software;
- BMS GROUP, Appleby acted as Bermuda counsel to BMS Group in connection with its £355 million investment from Eurazeo, a French private equity and venture capital firm listed on Euronext Paris with more than €35 billion in assets under management;
- TRANSVERSE, Acted as Bermuda counsel to Transverse Insurance Group in their partnership with AmRisc LLC, a subsidiary of Truist Insurance Holdings and the largest catastrophe-focused property MGA in the United States;
- SA REINSURANCE LTD., Advised Sony Life Insurance Co., Ltd, a wholly owned consolidated subsidiary of Sony Financial Holdings Inc. on the acquisition of 100% of shares of two joint ventures;
- METROCAT RE LTD., A Bermuda domiciled special purpose insurer, was established for issuing a series of catastrophe bond notes to support the risk transfer needs of First Mutual Transportation Assurance Co. (“FMTAC”), the New York State-licensed captive insurer and subsidiary of the New York Metropolitan Transportation Authority;
- GALILEO RE LTD., Acted for a Bermuda domiciled special purpose insurer, established for issuing series of catastrophe bond notes to support the risk transfer needs of AXA XL and certain of its insurance and reinsurance affiliates and related entities (collectively, AXA XL);
- MATTERHORN RE LTD., Acted as counsel to Matterhorn Re Ltd. on its fourth catastrophe bond transaction in less than one year, under the sponsorship of Swiss Re;
- CREDIT SUISSE, Assisted Credit Suisse with USD461 million Operational Re catastrophe bond coverage. This represents the third and largest operational risk cat bond transaction for Credit Suisse;
- AXIS CAPITAL, Advised Bermuda-headquartered global (re)insurer AXIS Capital in its 2020 issuance of insurance and reinsurance linked notes;
- AKINOVA, Acted as Bermuda counsel to AkinovA on all matters leading up to the completion of a first of its kind parametric cyber risk transfer;
- BERMUDA COMPANY, Advised a Bermuda company registered as a Class 3A insurer and as a segregated accounts company on a number of credit finance transactions involving multi-national corporations and global financial institutions, backed by insurance and reinsurance;
- INTERNATIONAL MEDICAL GROUP, INC., Advised on the sale of International Medical Group, Inc. to Sirius International Insurance Group. Matter value $250 million + add ons;
- The set-up of a collateralised reinsurance platform – Collateralised Re – the related incorporation and registration with the Bermuda Monetary Authority of 5 special purpose insurers for underlying European funds of one of the largest ILS providers in the world;
- VALOR GROUP LTD., Advised on the formation of VL Assurance (Bermuda) Ltd., a Bermuda exempted company, which was established to merge with Bermuda International Insurance Services Limited, a Bermuda local company registered as (a)a Class C Insurer and (b)a segregated accounts company (Merger);
- PLYMOUTH GUARANTEE LTD., Advised on the incorporation and licensing of a Class 3A Insurer created to provide tailored reinsurance and surplus line insurance to U.S. based health plans;
- PHOENIX CRETRO, A catastrophe retrocessional reinsurance platform that offers institutional investors and capital providers in Central and Eastern Europe and the Commonwealth of Independent States (which consists of countries formerly part of the Soviet Union and the Middle East & North Africa) a way to access the international reinsurance market;
- GLOBAL ATLANTIC FINANCIAL GROUP LIMITED, Private sale of a majority stake in Goldman Sachs’ reinsurance group to Banco BTG Pactual S.A., including property and casualty reinsurance brand Ariel Re;
- SAFE HARBOR RE LTD. (AND SAFE HARBOR HOLDINGS LTD.), Incorporation/registration of a Class C Insurer and subsequent restructuring of insurance company and parent, providing employment, property and corporate legal advice, facilitating large books of variables annuity products on a segregated account basis teams.
- INSURENT AGENCY CORPORATION, Appleby acted as Bermuda counsel to RS Reinsurance and its parent company Insurent Agency Corporation (Insurent) in the sale of Insurent to MRI Software;
- BMS GROUP, Appleby acted as Bermuda counsel to BMS Group in connection with its £355 million investment from Eurazeo, a French private equity and venture capital firm listed on Euronext Paris with more than €35 billion in assets under management;
- TRANSVERSE, Acted as Bermuda counsel to Transverse Insurance Group in their partnership with AmRisc LLC, a subsidiary of Truist Insurance Holdings and the largest catastrophe-focused property MGA in the United States;
- SA REINSURANCE LTD., Advised Sony Life Insurance Co., Ltd, a wholly owned consolidated subsidiary of Sony Financial Holdings Inc. on the acquisition of 100% of shares of two joint ventures;
- METROCAT RE LTD., A Bermuda domiciled special purpose insurer, was established for issuing a series of catastrophe bond notes to support the risk transfer needs of First Mutual Transportation Assurance Co. (“FMTAC”), the New York State-licensed captive insurer and subsidiary of the New York Metropolitan Transportation Authority;
- GALILEO RE LTD., Acted for a Bermuda domiciled special purpose insurer, established for issuing series of catastrophe bond notes to support the risk transfer needs of AXA XL and certain of its insurance and reinsurance affiliates and related entities (collectively, AXA XL);
- MATTERHORN RE LTD., Acted as counsel to Matterhorn Re Ltd. on its fourth catastrophe bond transaction in less than one year, under the sponsorship of Swiss Re;
- CREDIT SUISSE, Assisted Credit Suisse with USD461 million Operational Re catastrophe bond coverage. This represents the third and largest operational risk cat bond transaction for Credit Suisse;
- AXIS CAPITAL, Advised Bermuda-headquartered global (re)insurer AXIS Capital in its 2020 issuance of insurance and reinsurance linked notes;
- AKINOVA, Acted as Bermuda counsel to AkinovA on all matters leading up to the completion of a first of its kind parametric cyber risk transfer;
- BERMUDA COMPANY, Advised a Bermuda company registered as a Class 3A insurer and as a segregated accounts company on a number of credit finance transactions involving multi-national corporations and global financial institutions, backed by insurance and reinsurance;
- INTERNATIONAL MEDICAL GROUP, INC., Advised on the sale of International Medical Group, Inc. to Sirius International Insurance Group. Matter value $250 million + add ons;
- The set-up of a collateralised reinsurance platform – Collateralised Re – the related incorporation and registration with the Bermuda Monetary Authority of 5 special purpose insurers for underlying European funds of one of the largest ILS providers in the world;
- VALOR GROUP LTD., Advised on the formation of VL Assurance (Bermuda) Ltd., a Bermuda exempted company, which was established to merge with Bermuda International Insurance Services Limited, a Bermuda local company registered as (a)a Class C Insurer and (b)a segregated accounts company (Merger);
- PLYMOUTH GUARANTEE LTD., Advised on the incorporation and licensing of a Class 3A Insurer created to provide tailored reinsurance and surplus line insurance to U.S. based health plans;
- PHOENIX CRETRO, A catastrophe retrocessional reinsurance platform that offers institutional investors and capital providers in Central and Eastern Europe and the Commonwealth of Independent States (which consists of countries formerly part of the Soviet Union and the Middle East & North Africa) a way to access the international reinsurance market;
- GLOBAL ATLANTIC FINANCIAL GROUP LIMITED, Private sale of a majority stake in Goldman Sachs’ reinsurance group to Banco BTG Pactual S.A., including property and casualty reinsurance brand Ariel Re;
- SAFE HARBOR RE LTD. (AND SAFE HARBOR HOLDINGS LTD.), Incorporation/registration of a Class C Insurer and subsequent restructuring of insurance company and parent, providing employment, property and corporate legal advice, facilitating large books of variables annuity products on a segregated account basis teams.
Recognition
Matthew is recognised by Legal 500 as a ‘Next Generation Partner’ in the Insurance/Reinsurance category.
Matthew is recognised by Legal 500 as a ‘Next Generation Partner’ in the Insurance/Reinsurance category.
Coverage & Insights
- Insurance & Reinsurance – Chambers and Partners Global Guides – January 2024
- Board Governance: Caring for your Bermuda Captive – Captive International – October 2023
- Bermuda Captives: Reps and Warranties Coverage – The Royal Gazette, Legally Speaking – September 2023
- Starting a captive in Bermuda? What you need to know. – Captive International – February 2023
- Insurance & Reinsurance – Chambers and Partners Global Guides – January 2023
- Riding the wave – Captive Insurance Times – July 2022
- Insurance & Reinsurance – Chambers and Partners Global Guides – January 2022
- A Rising Tide: And Ships Are Choosing Bermuda – Bermuda Finance Captive Roundtable – December 2021
- Blue chip Bermuda welcomes green investment – The Royal Gazette, Legally Speaking – May 2021
- Insurance & Reinsurance – Chambers and Partners Global Guides – January 2021
- Insurance & Reinsurance – Chambers and Partners Global Guides – January 2020
- Insurance & Reinsurance – Chambers and Partners Global Guides – January 2024
- Board Governance: Caring for your Bermuda Captive – Captive International – October 2023
- Bermuda Captives: Reps and Warranties Coverage – The Royal Gazette, Legally Speaking – September 2023
- Starting a captive in Bermuda? What you need to know. – Captive International – February 2023
- Insurance & Reinsurance – Chambers and Partners Global Guides – January 2023
- Riding the wave – Captive Insurance Times – July 2022
- Insurance & Reinsurance – Chambers and Partners Global Guides – January 2022
- A Rising Tide: And Ships Are Choosing Bermuda – Bermuda Finance Captive Roundtable – December 2021
- Blue chip Bermuda welcomes green investment – The Royal Gazette, Legally Speaking – May 2021
- Insurance & Reinsurance – Chambers and Partners Global Guides – January 2021
- Insurance & Reinsurance – Chambers and Partners Global Guides – January 2020
Qualifications & Education
He was called to the Bermuda Bar in September 2011.
Matthew completed the Legal Practice Course in London at the Nottingham/Kaplan School of Law. He earned a Bachelor of Law (Honours) at the University of Reading, where he was the recipient of the 2008 Enterprise Rent-A-Car Entrepreneur Award. He also holds a Bachelor of Arts degree in Economics (Advanced Major) from Dalhousie University.
- Kaplan/Nottingham Law School (England)
- University of Reading (England)
- Dalhousie University (Canada)
He was called to the Bermuda Bar in September 2011.
Matthew completed the Legal Practice Course in London at the Nottingham/Kaplan School of Law. He earned a Bachelor of Law (Honours) at the University of Reading, where he was the recipient of the 2008 Enterprise Rent-A-Car Entrepreneur Award. He also holds a Bachelor of Arts degree in Economics (Advanced Major) from Dalhousie University.
- Kaplan/Nottingham Law School (England)
- University of Reading (England)
- Dalhousie University (Canada)
Memberships & Associations
Matthew is a member of the Bermuda Business Development Agency’s Captive Insurance Committee. He is also a member of the Bermuda Captive Network.
Matthew is a member of the Bermuda Business Development Agency’s Captive Insurance Committee. He is also a member of the Bermuda Captive Network.