Kane SAC has announced the issuance of $9,523,770 series 1-2013 notes in conjunction with the launch of its note programme—the firm’s new independent private catastrophe bond platform.
The series 1-2013 notes have been listed on the Bermuda Stock Exchange. This is the first time that a series of notes issued by a segregated accounts company have been listed on the stock exchange.
Kane SAC is a Bermuda exempted company registered as a Class 3 insurer and as a Class C insurer under the Insurance Act 1978 and as a segregated accounts company registered under Segregated Accounts Companies Act 2000.
Robert Eastham (pictured above), managing director of Kane Bermuda, said: “Our decision to list the notes on the [exchange] 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.”
“We see this platform playing a key role in facilitating the flow of smaller, transactions into the collateralised reinsurance sector. Our goal is to reduce both time to market and structuring costs by providing a very standardised and efficient means for investors to access reinsurance markets.”
Greg Wojciechowski, president and CEO of the Bermuda Stock Exchange, said: “We are delighted to welcome the Kane SAC note programme to listing on the [exchange]. This vehicle list of almost 60 insurance linked securities that have chosen the [Bermuda exchange] as their listing venue of choice.”
“The Kane SAC note programme is the first structure of its kind to list on the [exchange] and underscores the innovate nature of the Bermuda market and how it is evolving to adapt to the needs of its clients.”
