A Bermuda-based insurance manager has issued a massive $50 million in at-risk notes through its private catastrophe bond arm.

Kane SAC yesterday announced the Bermuda Stock Exchange-listed issue, the second since the firm launched its catastrophe bond platform last August.

Kane Bermuda Ltd managing director Robert Eastham said: “We are delighted to be able to announce the second notes issuance through the Kane SAC Ltd note programme less than six months since its launch.

“This clearly demonstrates investor need for an efficient and cost-effective mechanism for both the structuring and listing of smaller private transactions.”

And he added: “We look forward to announcing further transactions in the coming months.”

The firm’s first issue — totalling more than $9.5 million — was listed on the Bermuda Stock Exchange last summer.

Kane SAC is registered as a Class 3 insurer and as a Class C insurer and as a segregated accounts company.