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Kin secures $100m of Florida named storm reinsurance via second cat bond

April 6, 2023

Kin Insurance, a direct-to-consumer home insurance company, closed a $100 million private placement catastrophe bond transaction, bringing Hestia Re Ltd.’s total outstanding limit to $275 million.

Kin Interinsurance Network has secured a new reinsurance agreement with Hestia Re., a newly established special purpose insurer in Bermuda, that will cover indemnity-based losses resulting from significant hurricanes and named storms impacting Florida over multiple years, the company said.

In April 2022, Kin Insurance closed its first private placement cat bond transaction securing $175 million. Although the transaction was announced with an initial target of $100 million, the cat bond was upsized based on the support received from investors.

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