Full-service world legislation agency Locke Lord has introduced the hiring of J.P Hong, an skilled insurance-linked securities (ILS) lawyer that beforehand labored at Sidley, seeing the ILS market as a strategic progress space for the corporate.
J.P. Hong has joined Locke Lord within the agency’s Chicago workplace as a Companion within the Regulatory and Transactional Insurance coverage observe group.
J.P. Hong’s authorized observe work is targeted on company, securities and regulatory issues referring to the insurance coverage, reinsurance and monetary providers trade.
In his profession he has represented sponsors, issuers, underwriters and buyers in reference to insurance-linked securities (ILS) choices, comparable to disaster bonds.
He has additionally labored with corporates in reference to their captive insurance coverage and reinsurance packages and monetary establishments in reference to different steady worth transactions.
Earlier than going into non-public observe, Hong labored on the Seoul workplaces of two Huge 4 accounting companies.
He spent a while working on the Commodity Futures Buying and selling Fee as a authorized clerk, earlier than becoming a member of world legislation agency Sidley in 2011.
In his close to 13 yr time spent at Sidley, figuring out of its Chicago workplace, Hong has represented Japanese insurer Zenkyoren on the location of a mixed $3.575 billion of earthquake threat through its Nakama Re series of catastrophe bonds between 2014 and 2023.
He has additionally represented one other Japanese cat bond sponsor, Tokio Marine in its US $200 million Umigame Re Japan typhoon and flood catastrophe bond and in its US $150 million Kizuna Re III Japan earthquake catastrophe bond.
Hong additionally labored with Gryphon Mutual on its first $50 million Wrigley Re California earthquake catastrophe bond; the World Financial institution on the US $150 million IBRD CAR Jamaica 2024 catastrophe bond; with re/insurer Ark within the formation of its third-party capital-backed $250 million Outrigger property catastrophe reinsurance sidecar; Premia Holdings within the formation of its US $265 million legacy sidecar Elevation Re; Munich Re in its Eden Re II and and Leo Re reinsurance sidecars; and AIG for its Tailwind Re Series 2022-1, Compass Re II 2015-1, Tradewynd Re 2014-1 and Tradewynd Re 2013-2 and Tradewynd Re 2013-1 cat bonds.
As well as, Hong has ILS fund authorized expertise gained from working with Validus’ AlphaCat Managers in reference to its insurance-linked securities funds and reinsurance sidecar transactions and with Markel in its acquisition of CATCo.
“J.P.’s huge worldwide insurance-linked securities expertise, which is a strategic progress space for us, can be an unimaginable asset to our present and potential purchasers,” defined Jon Biasetti, Co-Chair of Locke Lord’s Regulatory and Transactional Insurance coverage Follow Group.
“Locke Lord is effectively regarded for its substantial group of company legal professionals with deep insurance coverage regulatory information and intensive transactional expertise, and I’m thrilled to hitch such an completed bench,” Hong added.
