27 January 2014 News

Kane unveils second deal on cat bond platform

Kane SAC (Kane SAC), a subsidiary of Kane, the largest global independent insurance manager, has completed a $50 million deal using its independent private catastrophe bond platform.

The Series 1-2014 At-Risk 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.

Kane SAC is a Bermuda exempted company registered as a Class 3 insurer and as a Class C insurer.

Commenting on the announcement, Robert Eastham, managing director, Kane (Bermuda) Limited, 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.”

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