Lancashire’s Kinesis facility executes first “special draw”

Kinesis Capital Management (KCM) has carried out its first “special draw”, which allows Kinesis Re to underwrite fully collateralised reinsurance business outside of the traditional market renewal season.

Darren Redhead, CEO of KCM, said: “Our stated strategy is to allow investors access to the collateralised reinsurance market on a regular and opportunistic basis. I am very pleased that within a week of negotiating an indicative order with a client, Kinesis has secured firm funding commitments from its existing investors.

“This deal demonstrates the flexibility of the new facility and our ability to move rapidly in aligning our investors’ capital with the bespoke reinsurance needs of our clients.”

The news follows the successful fund-raising conducted earlier in the year which permitted Kinesis Re to underwrite its first tranche of fully collateralised multi-class reinsurance agreements with combined aggregate limits in excess of $250 million.