Long-time partner Brad Adderley will become the new office managing partner in Bermuda of Appleby, the international law firm. as of the beginning of next year.

He takes over from fellow partner Tim Faries, who has completed two terms in the role and who will continue with his global position as CEO of Appleby Global Services (AGS), the firm’s specialist corporate and trust services provider of which he became CEO last year.

The firm said that Mr Adderley will also head Appleby’s corporate practice in Bermuda and its insurance and reinsurance sector globally, positions Mr Faries has held for more than ten years.

Mr Faries said: “With the increasing growth of our AGS business and after six years as Bermuda managing partner and many years as head of our corporate practice, it is time to pass the leadership and daily operations of the Bermuda office to my very worthy colleague Brad, who I know will infuse the business with the enthusiasm, dedication and high standards he is known for.

“There are a lot of exciting opportunities across our six AGS offices which I look forward to developing, while continuing to be a partner in Appleby’s Bermuda office where I can continue to support the partnership and our wonderful team of people.”

Mr Adderley said: “Tim has done a first-class job leading our Bermuda office and corporate practice. We have a team of highly skilled lawyers and professionals, and I look forward to continuing Tim’s great work with their support.

“I am thankful for Tim’s wise leadership over so many years. Tim’s longstanding experience and knowledge assisting clients with corporate, insurance and regulatory compliance mandates will help lead our AGS business to even further success.”

Malcolm Moller, Appleby’s global managing partner, said: “Brad and Tim are the epitome of excellence and steadfast dedication to their clients and colleagues.

“I know Appleby’s Bermuda office will be in great hands with Brad’s commercial acuity and ‘can-do’ attitude and AGS will become a leading corporate and fiduciary business with Tim’s continued leadership.”

Mr Adderley has extensive experience in the re/insurance market and specialises in ILS and alternative collateralised reinsurance investment transactions.

He has advised clients on a wide range of transactions including catastrophe bonds, special-purpose insurers, sidecars, life insurance securitisations and other fully collateralised structures, in addition to corporate structures and M&A transactions.

Mr Adderley is also a member of Appleby’s global technology and innovation team, providing comprehensive advice in connection with all aspects of initial coin offerings and the carrying-on of digital asset business.

The firm said that he is ranked in Band 1 for Insurance by Chambers Global 2021 and clients say that he is “one of the most notable insurance lawyers, both in Bermuda and internationally”.

It added that Mr Adderley regularly appears in key insurance transactions and is well regarded for his deep knowledge of reinsurance, securities and insurance company formation mandates.

He is also consistently recognised by Legal 500 as a Leading Individual in Insurance/Reinsurance and by IFLR in the Financial, Corporate and Insurance/Reinsurance categories.

He is a founding member of ILS Bermuda, the trade association for the ILS industry and is a member of the steering committee.

Mr Adderley has been recognised by Bermuda:Re+ILS for his significant contribution to Bermuda’s re/insurance sector and featured as a member of Bermuda’s Risk Transfer Hall of Fame.

Appleby said that in addition to Mr Faries’s leadership roles, he has longstanding experience assisting clients with non-contentious corporate, insurance and regulatory compliance mandates.

He has extensive experience raising public and private insurance company capital and M&A activity, public listings on US, UK and European securities exchanges, the establishment and licensing of alternative risk-financing vehicles such as cat bonds and other insurance-linked securities and captive insurance companies in established and emerging markets.

Mr Faries is recognised as an Eminent Practitioner in Insurance by Chambers Global 2021 where he is described as a “valuable and trusted adviser".

Mr Faries is also consistently recognised by Legal 500 as a Leading Individual in both their Insurance/Reinsurance and Corporate categories.

Mr Faries is further recognised as a Leading Lawyer in IFLR’s Banking and Capital Markets category. He has also been recognised by Captive Review as “a respected attorney well-versed in the establishment and licensing of all alternative risk-financing vehicles in Bermuda”.