Kane SAC Limited, a subsidiary of Kane, has issued $50,120,000 Series 1-2014 At-Risk Notes through the Kane SAC Limited Note Program, the firm’s independent private catastrophe bond platform.
The notes have been listed on the Bermuda Stock Exchange (BSX).
This is the second issuance to have taken place since Kane launched the catastrophe bond platform in August 2013. The first issuance was the $9,523,770 Series 1-2013 Notes that was listed on the BSX in August 2013.
Kane SAC is a Bermuda exempted company registered as a Class 3 insurer, a Class C insurer under the Insurance Act 1978, and a segregated accounts company registered under the Segregated Accounts Companies Act 2000.
Robert Eastham, managing director of Kane in Bermuda, said: “We are delighted to be able to announce the second notes issuance through the Kane SAC Limited Note Program less than six months since its launch. This clearly demonstrates investor need for an efficient and cost-effective mechanism for both the structuring and listing of smaller private transactions. We look forward to announcing further transactions in the coming months.”
