Walkers > Hamilton, Bermuda > Firm Profile


Bermuda > Banking, finance and capital markets Tier 1

Praised for being ‘highly responsive and professional,’ the team at Walkers is a significant player in the banking and finance market, handling high-profile matters, and is increasingly involved in blue-chip investment work and provides regulatory advice to global corporations. Leading the corporate and finance team, Jonathan Betts has over 25 years’ experience, advising large corporates, funds and insurers on governance and complex transactional issues, with a focus on M&A in the insurance space. Adam Bathgate leads the finance practice, specialising in transactions involving Bermuda companies and partnerships, including leveraged and acquisition financings, fund and asset issues, securitisation work and CLOs. Other key contacts at the firm include newly promoted partner Nathalie West, who has experience advising on a wide range of transactional matters and financings domestically and overseas, while senior associate Cathryn Minors assists with all aspects of corporate and commercial law; she joined the practice from an in-house role in 2022.

Practice head(s):

Jonathan Betts


‘Walkers is highly responsive and professional with a commercial sense of legal that translates well to helping us achieve our business goals in a timely manner.’

‘The entire team has been consistently a pleasure to work with and helped us to move our business forward.’

‘The entire team has been consistently terrific, and I couldn’t single out any points of weakness.’

‘Cathryn Minors: Availability to answer requests and clarify doubts. Accuracy in the answers.’

Key clients

Axalta Coating Systems Ltd.



MUFG Bank, Ltd.

National Westminster Bank plc

Norwegian Cruise Lines

Revlon, Inc.

The Bank of New York Mellon

Work highlights

  • Advised JPMorgan Chase Bank, the initial purchasers and administrative agent, in connection with Carnival Corporation’s private offering of $2.03bn aggregate principal amount of senior unsecured notes due 2028.
  • Advised Axalta Coating Systems on the $2bn refinancing of its existing credit agreement with a syndicate of lenders led by Barclays Bank Plc.
  • Acted as Bermuda counsel to long-standing client Norwegian Cruise Lines Holdings Ltd. on its latest issuance of $600m senior secured notes.

Bermuda > Dispute resolution Tier 1

Described as willing to ‘move heaven and earth to deliver for clients’, the insolvency and dispute practice at Walkers routinely handles a broad range of cross-border contentious proceedings, encompassing insurance, insolvency and commercial litigation. Practice co-head Kevin Taylor frequently takes on cases before the Supreme Court of Bermuda and the Bermuda Court of Appeal, specialising in commercial disputes involving high-value asset recovery work, corporate governance issues and liquidation proceedings. Fellow co-head Peter Dunlop has notable experience in complex insurance arbitrations, often with a multi-jurisdictional dimension. The team also benefits from experienced commercial litigation, insolvency and trusts disputes lawyer Steven White; senior associate Nicholas Howard, who has a strong background in public law and commercial disputes matters; and associate Izabella Arnold, who is noted for her ‘encyclopedic knowledge’.

Practice head(s):

Kevin Taylor; Peter Dunlop


‘A strong team across the whole range of capabilities, specialisms and skill sets which collaborates and works well to provide a seamless excellent service to the client.’

‘Peter Dunlop, partner, is a punchy litigator with strong adversarial skills a very good strategic and tactical nous and very sound judgment upon whom clients can rely with confidence.’

‘I have found the Walkers team extremely easy to work with. They are collaborative, quick to volunteer solutions and to take full ownership of matters. They approach the matter in an innovative way, proposing clear strategic thinking and guidance. The team clearly works well together and is able to draw on the wider expertise of the Walkers’ office to support, where needed and in the best interests of the client.’

‘I have worked extensively with Peter Dunlop. He has an impressive and extensive knowledge of the Bermudan litigation procedural rules, is proactive and great to work with. His wide experience of litigation in Bermuda is invaluable when litigating in the Bermudan courts.’

‘Peter Dunlop has been ably supported throughout by Izabella Arnold who is great to work with, performs well above her years and is destined to go onto great things at the Bermudan Bar. Her drafting is exceptional, and she has a complete and encyclopedic knowledge of the file.’

‘Peter Dunlop is an exceptional leader, who is a pleasure to work with and who makes great use of his associates and the people around him. He really builds a team and develops others. I would recommend him to anyone, and be 100% confident they would thank me!’

‘A strong team from top to bottom.’

‘Peter Dunlop and Izabella Arnold are responsive and tactically astute.’

Key clients

Credit Suisse Life (Bermuda)

Alvarez Marsal Asia Limited

Athene Holding Ltd.

BlockFi International Ltd.

CITGO Petroleum Corporation

Bermuda Monetary Authority

Credit Suisse Insurance Linked Strategies Limited

Deloitte Advisory Ltd

EY (Bermuda) Ltd and EY (Cayman) Ltd

Hong Kong and Shanghai Banking Corporation Limited (HSBC)

Jewel Bank

Norwegian Cruise Lines


Princess Cruise Lines

Shandong Steel

Teneo Bermuda


Work highlights

  • Represented BlockFi International Ltd. in relation to the ongoing restructuring of the BlockFi group of companies being primarily conducted out of the US Chapter 11 proceedings.
  • Advised the joint provisional liquidators of Genting Hong Kong Limited and Dream Cruises Holding Limited on a significant insolvency in the cruise ship industry.
  • Represented Credit Suisse Life (Bermuda) Limited in the appeal of a damages judgment to pay $607m to bank client after the Chief Justice ruled in March 2022 that CSLB had turned a “blind eye” to a convicted fraudster’s misuse of money.

Bermuda > Insurance/reinsurance Tier 1

The re/insurance and ILS team at Walkers is continually expanding its presence in the Bermuda market, actively collaborating on a wide spectrum of both contentious and non-contentious issues. Peter Dunlop, who possesses extensive knowledge of underwriting issues, insurance disputes, and regulatory affairs, co-leads the practice alongside Sarah Demerling, who specialises in the formation, licensing and regulatory compliance of insurance companies and intermediaries; she also excels in M&A and alternative risk financing transactions. Adding to the team’s expertise is Melanie Fullerton, who has valuable experience in BMA insurance applications, and Natalie Neto, who heads up the fintech division, plays a pivotal role in facilitating the establishment and licensing of entities in the insurtech sector.

Practice head(s):

Sarah Demerling; Peter Dunlop

Other key lawyers:


‘Our experience with the Walker’s team has been nothing but exceptionally positive. They are knowledgeable and has been very proactive and attentive at all times in our communications as well as the communications with our clients.’

‘The Walkers team are knowledgeable and easy to work with. They are adept at navigating regulatory submissions and discussions which allows for a smooth application process.’

‘Peter Dunlop is always very responsive to requests. When meeting to discuss those requests, he always demonstrates an extremely strong knowledge of the subject matter at hand and has a strong commercial solution.’

‘Melanie Fullerton and Sarah Demerling continue to be valued business partners in the formation of insurance companies in Bermuda, allowing for a smooth regulatory process.’

‘Really excellent service and covers the technical insurance side very well.’

‘Sarah Demerling is a great support on insurance transactions.’

‘The team is well aware of the Bermuda licensing requirements and were instrumental in helping us get a license under a tight deadline.’

‘The individuals at Walkers have very relevant experience around Bermuda regulatory requirements, with past employment at the BMA. The individuals were very responsive and provided assistance in an expedited manner.’

Key clients

Aquarian Holdings

Athene Holdings Ltd.

Credit Suisse Insurance Linked Strategies

Credit Suisse Life (Bermuda) Limited


Inigo Lloyd’s Syndicate 1301


McGill and Partners

Munich Re

Our Kettle Inc.


Swiss Re

Yorkshire & Clydesdale Bank


Work highlights

  • Represented the trustee of Yorkshire and Clydesdale Bank Pension Scheme in a longevity swap transaction with Pacific Life Re International Limited and Zurich Assurance Ltd to manage longevity risk in relation to c.£1.6bn of pensioner liabilities.
  • Represented BDT Capital Partners, LLC as it led the investment into Ferian Re, an independent Bermuda Class 3B reinsurer and subsidiary of Coalition.

Bermuda > Corporate and commercial Tier 2

Walkers‘ corporate and finance team is particularly active in the fintech arena, providing counsel to corporations on matters related to digital asset establishments, licensings and transactions. Natalie Neto, an expert in the fintech sphere, has an impressive track record in handling multi-billion-dollar transactions spanning a broad swathe of industries, and acts as practice head. Other notable contacts include Sarah Demerling, who is head of the investment funds group with expertise in investment services, and newly promoted partner Rachel Nightingale, who is a fintech specialist described as ‘professional in every aspect.’

Practice head(s):

Natalie Neto

Other key lawyers:


‘Walkers has shown deep knowledge of Bermuda’s legal practices and standards and tops it all with excellent relationships with the relevant players in the areas where it offers services and the possibility to contact them to help their clients.’

‘Both Natalie Neto and Rachel Nightingale, the partners with whom we worked the most, had a great attitude and disposition, and showed great availability to tend to our needs. They were both practical to resolve any issue and give advice and showed experience in their suggestions.’

‘The team at Walkers in Bermuda were very understanding to our needs as a client. They understood the structures and concept of our request and were able to execute in a timely manner. The communication between us was excellent and their ability to respond quickly and efficiently made the process very easy.’

‘Sarah Demerling is very knowledgeable and always on hand to answer any questions and be present in meetings to solve any issues. Shaela Rae worked very hard and efficiently on completing tasks and documentation. Her communication skills are superb and her ability to turn around requests in good time is outstanding.’

‘Their digital practice team is well versed on the regulations, flexible in scheduling, collaborative, and innovative in finding solutions in a rapidly changing space.’

‘Natalie Neto and Rachel Nightingale are two of the most impressive partners I have worked with. Professional in every aspect and will work tirelessly to ensure their clients are covered.’

Key clients

Apex Group Ltd

Apollo Global Management

Astorg Partners

Athene Holdings


Axalta Coating Systems Ltd.



Coinbase Global Inc.

Jewel Bank

JP Morgan Chase

McDermott International

Moneda Asset Management SpA

Montes Archimedes Acquisition Corp

MUFG Bank, Ltd.

Norwegian Cruise Lines

Revlon, Inc.

Saturn Power

Work highlights

  • Advised Thoma Bravo on acquiring QAD Inc in a take private acquisition for approximately $2bn.
  • Acted as Bermuda legal counsel to Aquarian Holdings on its acquisition, by way of merger, of Somerset Reinsurance Ltd, a Class E insurer.
  • Advised Coinbase Global Inc. on its successful Class F digital assets business license under the Digital Asset Business Act 2018 (as amended) from the Bermuda Monetary Authority.

Bermuda > Regulatory and compliance Tier 2

With a knowledge described as ‘second to none,’ the team at Walkers provides legal advice on regulatory matters both domestically and overseas, regularly assisting multi-national corporations with complex high-value matters across a range of industries, including the fintech, investment funds and insurance sectors. With a highly diverse client base and a particular focus on digital assets businesses, Natalie Neto co-heads the practice alongside specialist financial regulatory and risk management advisory lawyer, Lucy Frew. Other notable contacts at the firm include ‘subject matter expert in this fieldMelanie Fullerton, who regularly advises clients on the evolving regulatory landscape in Bermuda, as well as Nicholas Howard, a senior associate with a focus on both regulatory matters and disputes.

Practice head(s):

Lucy Frew; Natalie Neto


‘The team is knowledgeable and personable.’

‘Melanie Fullerton and Sarah Demerling continue to be valued business partners as their knowledge of the regulatory process allows for a smooth licensing of insurance companies.’

‘The responsiveness and knowledge they all bring to the table is second to none, the company never has to chase them for a response and if there are delays anticipated, they reach out and inform us, we do not see this with other legal firms.’

‘We have worked with Melanie Fullerton and team. Melanie is second to none, her client management is fantastic, she responds to emails instantly and when we do contract work to her, she and the team provide us with a realistic timeframe required to complete the work. There is never a requirement to chase for an update and the quality of her work is incredible.’

Key clients

Aquarian Holdings LLC

Coinbase Global Inc.

Jewel LLC

Work highlights

  • Represented Coinbase Global Inc. on its successful Class F digital assets business license under the Digital Asset Business Act 2018 (as amended) from the Bermuda Monetary Authority and was specifically responsible for the AML/ATF compliance framework and legal analysis.
  • Acted as Bermuda legal counsel to Aquarian Holdings on the signing of a definitive agreement to acquire a controlling interest in Somerset Re, the Bermuda based reinsurer.
  • Advised Jewel Bancorp Ltd. on the establishment and licensing of a digital asset bank in Bermuda, the first banking license issued in Bermuda in over 20 years, including continued advice on all corporate and regulatory aspects of the operationalization of the bank, which is expected to launch in Q2 2023.

The firm: Walkers is a leading international law firm that provides legal, corporate, fiduciary and compliance services to global corporations, financial institutions, capital markets participants and investment fund managers. Clients include Fortune 100 and FTSE 100 companies, as well as the most innovative firms and institutions across the financial markets. Walkers’ lawyers are experienced, entrepreneurial, committed to client service and held in high regard by clients for their ability to deliver outstanding legal advice.

Walkers is experienced in all types of international and cross-border transactions, covering a broad range of sectors, with a particular focus on both contentious and non-contentious corporate and finance law, investment funds, private equity, structured products, capital markets, private capital and trusts. Walkers delivers excellent, clear, practical advice based on an in-depth knowledge of the legal, regulatory and commercial environment in Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Jersey and Ireland. The firm is consistently ranked in the top tier of leading global legal directories. Clients describe Walkers as “a top-class firm,” and “stellar,” adding: “They are dedicated and responsive…”

Asset finance: Walkers acts for the world’s leading financial institutions and arrangers in relation to asset finance transactions. These transactions include the sale and purchase of aircraft, ships, telecommunications systems and other ‘big ticket’ items. The firm also regularly advises on the acquisition of all types of equipment through secured loan financing and finance leasing, as well as ship and yacht registration.
Contacts: Adam Bathgate, Jonathan Betts, Nathalie West

Banking: Walkers’ banking team is one of the most experienced transactional banking teams in the offshore market. It advises agents, arrangers, banks, international financial institutions and corporations on an extensive range of domestic and international cross-border banking and finance transactions. It advises on all aspects of loan and credit facilities ranging from short-term unsecured loans to multi-currency syndicated loans and revolving facilities, leveraged finance, acquisition finance, asset finance, debt restructuring, structured finance and capital markets.
Contacs: Adam Bathgate, Jonathan Betts, Nathalie West

Corporate: Walkers’ corporate group advises global corporations on a wide variety of company, commercial and corporate law matters. The team has worked with some of the biggest names in the industry and clients include international companies of all sizes across all industry sectors, banks, private equity providers and a number of state and government entities. They are extensively experienced in advising on all corporate matters including mergers, acquisitions and disposals, corporate re-structuring, joint ventures, shareholders’ agreements and commercial contracts and agreements of every nature.
Contacts: Jonathan Betts, Natalie Neto

FinTech: Walkers’ fintech group advises businesses specialising in digital assets, blockchain, alternative model finance and a wide range of related activities and services including funds, issuers, custodians and broker dealers. The team has specialist knowledge of licensing, marketing, data protection, tax transparency, outsourcing, international anti-money laundering regulation and other aspects relevant to FinTech businesses.
Contacts: Natalie Neto, Sarah Demerling

Insolvency and dispute resolution: Walkers’ IDR team advises on a full spectrum of insolvency and commercial litigation matters, including out of court restructuring, enforcement of security, and all types of contentious and non-contentious insolvency proceedings. The practice also includes corporate liquidation on various grounds, including ‘just and equitable’ liquidation, appointment and removal of liquidators and receivers; matters concerning the rights and duties of liquidators and receivers; cross-border and international insolvency; securing and tracing corporate assets and the full range of claims by and against liquidators, provisional liquidators and receivers. The team also has considerable experience assisting clients in relation to shareholder disputes, contentious trusts disputes, professional negligence and employment matters.
Contacts: Kevin Taylor, Nicole Tovey

Insurance and ILS: Walkers’ insurance team provides clients with market leading legal, regulatory and licensing advice for the establishment, structuring and on-going operation of all forms of insurance vehicles, including for the issue of insurance linked securities, as well as insurance managers, agents and brokers. It also routinely advises clients on corporate and transactional matters in the insurance space. The team routinely advises re/insurers and ILS funds on contract and policy wordings, and are uniquely placed to advise on the structuring of novel re/insurance products. It also has experience in portfolio transfers and commutations.
Contacts: Sarah Demerling, Peter Dunlop

Insurance dispute resolution: Walkers’ insurance dispute resolution team has decades of experience advising policyholders and re/insurers in Bermuda litigation and international arbitrations (Bermuda Form, ad hoc and institutional arbitrations) on a wide variety of disputed coverage and rescission claims and subrogated recovery claims across all re/insurance business lines in a broad array of industries, including captive insurance, pharmaceuticals, life, health and medical malpractice, oil and gas and financial reinsurance. The firm is routinely instructed to advise on enforcement of foreign judgments and arbitral awards and injunctive relief. It also has considerable expertise in multi-jurisdictional regulatory investigations for major reinsurers.
Contact: Peter Dunlop

Investment funds: Walkers’ investment funds group advises many of the world’s most prominent asset managers, fund promoters and institutional banks and investors. It advise on all aspects of offshore investment funds including fund formation, structuring, regulation, fund restructuring, fund re-domiciliation, termination and on-going general advice to investment funds and managers.
Contacts: Sarah Demerling, Jonathan Betts

Private equity: Walkers’ private equity group acts for most of the world’s largest and most successful private equity firms. It advises on all aspects of fund formation and capitalisation of investment vehicles, public and private mergers and acquisitions and down-stream transactions, capital call and subscription line financing, leveraged buy out, group restructuring, secured lending, take-private and IPO formation and due diligence.
Contacts: Jonathan Betts, Natalie Neto, Sarah Demerling

Regulatory and risk advisory: Walkers’ regulatory and risk advisory team offers advice on compliance and regulatory matters on a global basis. The team has an active advisory practice and regularly advises regulated and non-regulated financial services institutions on the interpretation and application of regulatory rules, policies and procedures.
Contacts: Natalie Neto, Melanie Fullerton

Restructuring: Walkers advises on all aspects of restructurings and reorganisations including complex cross-border financial and corporate restructurings, debt to equity swaps, distressed debt, asset finance and capital market products.
Contacts: Natalie Neto, Adam Bathgate, Nicole Tovey

Walkers Professional Services: Walkers Professional Services (“WPS”) is a leading provider of corporate, corporate governance, regulatory compliance and fiduciary services to corporate and institutional clients across global financial centres. WPS offers market leading expertise and value for spend, and its unique integrated legal and professional services team, combined with state of the art technology, positions WPS to deliver on this.
Contacts: Otelia Scott, Michael Wynne

Global managing partner: Ingrid Pierce
Bermuda managing partner: Kevin Taylor
Number of Bermuda partners: 7
Number of partners worldwide: 124
Number of Bermuda lawyers: 17
Number of lawyers worldwide: 420

Department Name Email Telephone
Insolvency & Dispute Resolution Kevin Taylor kevin.taylor@walkersglobal.com +1 441 242 1510
Corporate, Finance, Funds & Insurance Adam Bathgate adam.bathgate@walkersglobal.com +1 441 242 1515
Corporate, Finance, Funds & Insurance Jonathan Betts jonathan.betts@walkersglobal.com +1 441 242 1511
Corporate, Finance, Funds & Insurance Sarah Demerling sarah.demerling@walkersglobal.com +1 441 242 1525
Insurance, Insolvency & Dispute Resolution Peter Dunlop peter.dunlop@walkersglobal.com +1 441 242 1524
Corporate, Finance, Funds & Insurance Natalie Neto natalie.neto@walkersglobal.com +1 441 242 1533
Insolvency & Dispute Resolution Nicole Tovey nicole.tovey@walkersglobal.com +1 441 242 1512
Regulatory & Risk Advisory Melanie Fullerton melanie.fullerton@walkersglobal.com +1 441 242 1537
Corporate, Finance, Funds & Insurance Rachel Nightingale rachel.nightingale@walkersglobal.com +1 441 242 1520
Corporate, Finance, Funds & Insurance Nathalie West nathalie.west@walkersglobal.com +1 441 242 1523
Corporate Services Otelia Scott otelia.scott@walkersglobal.com +1 441 242 1553
Regulatory Compliance Services Michael Wynne michael.wynne@walkersglobal.com +1 441 242 1542
Bermuda partners : 7
Partners worldwide : 124
Bermuda lawyers : 17
Lawyers worldwide : 420
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