Business
Statement re Kinesis Underwriting Commences
Statement re Kinesis Underwriting Commences.
About this update from Lancashire Holdings Limited
[{"type":"text","content":"\n \n LANCASHIRE HOLDINGS LIMITED \n\n22 January 2014\nLondon UK\n\n KINESIS UNDERWRITING COMMENCES - OVER USD 250 MILLION OF LIMIT BOUND FOR \n 1 JANUARY 2014 \n\nLancashire Holdings Limited (\"Lancashire\" or the \"Company\") has today announced\nthat Kinesis Capital Management Limited (\"KCM\") has commenced underwriting\nfully collateralised reinsurance business on behalf of Kinesis Reinsurance I\nLimited (\"Kinesis Re\"). \n\nFollowing the successful fund-raising conducted by Kinesis Re's parent company,\nKinesis Holdings I Limited (\"Kinesis Holdings\"), from a number of external\ninvestors, Kinesis Re has underwritten its first tranche of multi-class\nreinsurance agreements with combined aggregate limits in excess of USD 250\nmillion, which incepted on or around 1 January 2014. All the reinsurance\ncontracts are fully collateralised. Lancashire contributed 10 per cent of the\ncapital raised by Kinesis Holdings. Goldman Sachs worked with Lancashire to\nstructure the Kinesis vehicles, which will allow investors access to the market\non a regular and opportunistic basis.\n\nRichard Brindle, Lancashire's Chief Executive Officer, said: \"The successful\nlaunch of Kinesis, as a multi-class, fully collateralised reinsurance provider,\nis an exciting development in Lancashire's third party capital management\nstrategy. We have built an excellent team at KCM, led by Darren Redhead, which\nhas strong underwriting skills and capabilities and this bodes well for future\ngrowth. Together, Lancashire, Kinesis and Cathedral constitute our three\nplatforms to access different kinds of capital, all with high calibre,\nestablished underwriters. This approach allows us to provide brokers and\nclients with insurance and reinsurance solutions for all types of risk transfer\nrequirements.\"\n\nDarren Redhead, KCM's Chief Executive Officer, said: \"We are delighted that\nthe Kinesis vehicles are now fully established and funded and we look forward\nto continuing to develop KCM's business and reputation in the Insurance-Linked\nSecurities arena. We are very pleased with the start we have made, with the\nquality of the investors and clients, and are looking to develop further\ncapacity and specialty class transactions during the year ahead\". \n\nFor further information, please contact:\n\nLancashire Holdings Limited \n \nChristopher Head +44 20 ...