Kin secures $335M catastrophe bond

Kin secured a $335 million catastrophe bond through Hestia Re Ltd, marking the company’s largest reinsurance transaction to date and its fourth CAT bond issuance.

The multi-year deal includes four bond tranches and, for the first time, extends coverage beyond Florida to additional states where Kin operates. The transaction also expanded protection into lower attachment layers, covering losses earlier in a major storm event.

Kin said the deal attracted its largest group of institutional investors so far and achieved its best pricing to date relative to expected losses.

The CAT bond provides protection against major weather events including hurricanes and other catastrophic storms. Kin uses a mix of capital markets and traditional reinsurance to support its homeowners portfolio.

Howden Capital Markets & Advisory and Howden Re advised on the transaction.