Walkers Supports Verdant Rock Licensing
Walkers’ Bermuda team advised Verdant Rock Limited on the successful completion of its registration as a Class 3B insurer by the Bermuda Monetary Authority (BMA) under the Insurance Act 1978, as amended.
A spokesperson said, “Verdant Rock is a Bermuda-based financial guarantee platform focused on emerging markets. The Class 3B licence positions the Company to deliver financial guarantee capacity at scale across Asia, Africa, Latin America, and Eastern Europe, bringing much-needed capacity back to a market that has been underserved for more than a decade. The Company will underwrite financial guarantees, a specialty line of business that provides credit enhancement for debt instruments, covering the timely payment of scheduled principal and interest on bonds and loans from sovereign, sub-sovereign, and private sector borrowers.”
Tolga Uzuner, Co-Founder and Chief Executive Officer of Verdant Rock, commented: “This licence is the culmination of months of rigorous preparation by our team and constructive engagement with the BMA. We have assembled a world-class team with deep expertise across insurance, credit, and emerging markets, and we have built the governance, risk management, and underwriting infrastructure required to operate at institutional scale.”
Sarah Demerling, partner at Walkers’ Bermuda office and counsel to Verdant Rock, commented: “The grant of this Class 3B licence reinforces Bermuda’s position as a leading jurisdiction for sophisticated commercial insurance solutions. It has been a privilege to advise Verdant Rock through the full regulatory process, from the initial application through to the formal issuance of its licence. The company’s experienced management team and global ambitions make it exceptionally well placed to establish a premier financial guarantor in the emerging markets space. We look forward to supporting its continued growth.”
A spokesperson added, “We congratulate Chairman and Co-Founder Bart Turtelboom, Co-Founder and CEO Tolga Uzuner, and the entire Verdant Rock team on this achievement.
“The Walkers team comprised partners Sarah Demerling and Leonie Tear, and senior associates Joshua Bradbury and Tyson Oladokun, with support from the Finance team Nathalie West and Joe Williams.”
