Kane SAC issues $9.5M in notes on private catastrophe bond platform
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Kane SAC Ltd., a subsidiary of Kane Holdings Ltd., has launched an independent, private catastrophe bond platform and has issued $9.5 million in notes on the Bermuda Stock Exchange.
The Series 1-2013 notes represent the first time that a series of notes issued by a segregated accounts company has been listed on the exchange, Kane said in a statement Tuesday.
Kane, a Bermuda-based insurance manager, said in a statement that listing the notes on the Bermuda Stock Exchange in a tradable format would “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,” Robert Eastham, managing director of Kane Bermuda, said in the statement. “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.”
