Kin Sponsored Hestia Re Ltd. (Series 2022-1) Notes

Transaction Overview

On April 14, 2022, Kin Interinsurance Network (“Kin”) closed their first 144A Cat Bond through Hestia Re Ltd.

  • Kin’s inaugural 144A Cat Bond issuance
  • New established Bermuda-domiciled special-purpose insurer providing reinsurance protection to Kin
  • First tech enabled carrier to receive support from ILS investors in 144A Cat Bond format

$175 million 2022-1 Class A Notes provide per occurrence, indemnity-triggered coverage

  • Three-year risk period
  • Peril Named Storm
  • Covered Area: Florida
  • AIR expected loss: 2.26% (sensitivity case)
  • Final investor spread: 9.50%

The issuance successfully upsized 75% to $175 million from the initial $100 million target

TigerRisk Capital Markets & Advisory Role

TCMA acted as Joint Structuring Agent and Joint Bookrunner

  • Presented innovative structuring ideas and helped to finalize the structure in alignment with the traditional reinsurance program
  • Assisted in all aspects of the structuring and placement including, but not limited to:
    • Structuring and coordination with legal counsel
    • Finalizing investor presentation, advised on disclosure around subject business, and offering documents
    • Investor roadshow and marketing processes