Kane SAC Limited (Series 2014-2)

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Kane SAC Limited (Series 2014-2) - At a glance:

  • Issuer / SPV: Kane SAC Limited (Series 2014-2)
  • Cedent / Sponsor: Unknown
  • Placement / structuring agent/s: ?
  • Risk modelling / calculation agents etc: ?
  • Risks / Perils covered: U.S. hurricane
  • Size: $7.32m
  • Trigger type: Indemnity
  • Ratings: NR
  • Date of issue: Jul 2014

Kane SAC Limited (Series 2014-2) - Full details

Global independent insurance management firm Kane has completed another private catastrophe bond issuance through its Kane SAC Limited Note Program, with a $7.32m Series 2014-2 renewal of the Series 2013-1 transaction issued a year ago.

This is the third privately placed and issued cat bond lite type deal to come out of the Kane SAC (Segregated Accounts Company) Program on the insurance managers platform and we’re told it renews the first deal on the platform, albeit at a slightly smaller size than the $9,523,770 2013-1 issue.

The $7.32m of private cat bond notes issued in the Kane SAC Series 2014-2 deal have been listed on the Bermuda Stock Exchange, with Appleby Securities (Bermuda) acting as listing sponsor.

The 2014-2 notes were admitted to listing on the 10th July, according to the BSX announcement, and have a due date of the 10th June 2015, so having around an 11 month term, much like the 2013-1 deal which matured recently and that this transaction renews.

Kane told Artemis that the deal covers U.S. hurricane risks and uses an indemnity trigger.




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