New Bermuda Catastrophe Bond Launched
Bermuda based Dunamis Holdings Ltd. today [Nov. 17] announced the launch of Kalista, a cost-effective and efficient catastrophe bond issuance platform.
The Kalista product is a result of the combined efforts of Limestone Law, a recognised Bermuda law firm, the Bermuda Stock Exchange and a partner reinsurance company.
Kalista is an innovative product that has the potential to lower barriers to entry and allow for faster deployment times, meaning sponsors can get deals to market more quickly, with reduced issuance costs.
A strategic partnership with the RMS modeling agency has also been established to allow for the modelling of natural catastrophes.
Moreover, the group suggests that this fast and efficient issuance platform also has the ability to structure more diverse underlying risks as seen recently with MyLotto and other private cat bond transactions.
Spencer Conway, Executive VP of Dunamis commented, “The introduction of this product is exciting for both Bermuda and the ILS market.
“With the demand for new and varied innovative catastrophe bond structures increasing —- lottery, oil and gas, etc. — Kalista provides new sponsors an opportunity to enter the ILS market simplifying both the setup and structuring of these deals.”
A key benefit of Kalista is that it provides a one-stop cat bond issuance platform. Kalista can help sponsors by getting the best service providers involved where required for larger public cat bond or ILS deals, or by doing the majority of the issuance work in-house for smaller, private cat bond and ILS transactions.
Simon J. Payne, a managing partner at Limestone Law summarised that, “Success or failure in business is determined by the quality of our business relationships and our ability to think outside of the box and Kalista is a great example of this thinking”
“New innovations like this further enhances Bermuda’s reputation as the cat bond destination of choice for the insurance world,” said Greg Wojciechowski, president and CEO of the Bermuda Stock Exchange. “Having the product listed also enhances its marketability and visibility.”
The group can be contacted at Kalista@dunamisre.com, at dunamisre.com or on 1-802-230-4726.
