Kane SAC’s New Catastrophe Bond Platform
Kane SAC Limited has announced the issuance of US$9,523,770 Series 1-2013 Notes in conjunction with the launch of the Kane SAC Limited Note Program, the firm’s new independent private catastrophe bond platform.
The Series 1-2013 Notes have been listed on the Bermuda Stock Exchange [BSX]. This is the first instance of a series of notes which have been issued by a segregated accounts company being listed on the BSX.
Kane SAC is a Bermuda exempted company registered as a Class 3 insurer.
Commenting on the announcement, Robert Eastham, Managing Director, Kane [Bermuda] Limited, said, “We are delighted to be able to launch our new catastrophe bond platform by announcing the issuance of the Series 1-2013 Notes. Our decision to list the notes on the BSX was due to investor demand and means that they are now available in a tradable format, which we feel will significantly heighten their overall value to the investment community.”
“Moving forward, we see this platform playing a key role in facilitating the flow of smaller transactions into the collateralized reinsurance sector. Our goal is to reduce both time to market and structuring costs by providing a very standardized and efficient means for investors to access the reinsurance markets.”
BSX CEO Greg Wojciechowski stated, “We are delighted to welcome the Kane SAC Limited Note Program to listing on the BSX. This vehicle joins a prestigious list of almost 60 insurance linked securities that have chosen the BSX as their listing venue of choice. The Kane SAC Limited Note Program is the first structure of its kind to list on the BSX and underscores the innovative nature of the Bermuda market and how it is evolving to adapt to the needs of its clients. We wish Kane every success with this new program.”
Brad Adderley, Partner, Appleby [Bermuda] Limited, who provided legal advice on the structure, added, “It has been a distinct pleasure to work with Kane on the introduction of the Kane SAC Limited Note Program, which is an important innovation for the ILS market and Appleby is pleased to have played a key role in the structuring and BSX approval process.”
