Insurance management services provider Kane SAC has launched its new independent private catastrophe bond platform, the Kane SAC Note Program.
The company also issued series 1-2013 notes, which have been listed on the Bermuda Stock Exchange (BSX).
BSX president and CEO Greg Wojciechowski said, "The Kane SAC Note Program is the first structure of its kind to list on the BSX and underscores the innovative nature of the Bermuda market and how it is evolving to adapt to the needs of its clients."
Kane (Bermuda) managing director Robert Eastham said that the company's decision to list the notes on the BSX was due to investor demand.
"Moving forward, we see this platform playing a key role in facilitating the flow of smaller transactions into the collateralized reinsurance sector.
"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," Eastham added.
