Kiskadee Re, a new SPI, formed
International specialist insurance group Hiscox has formed a new Bermuda special purpose insurer (SPI) called Kiskadee Re.
Bermuda-headquartered Hiscox registered Kiskadee Re with the Bermuda Monetary Authority in April. A number of other SPIs were also registered at the time, including Ace’s new $95 million Altair Re and Sanders Re.
It is in the class of re/insurance vehicles commonly used for catastrophe bond issuance, as sidecars or as collateralised reinsurance entities.
Hiscox has already been actively using Kiskadee Re, launching it at the recent midyear reinsurance renewals, reported industry blog Artemis.bm
Adam Alvarez, senior vice president at Hiscox in Bermuda told Artemis: “Hiscox has formed a new Bermudian special purpose insurer (SPI) ‘Kiskadee Re’ to write collateralised reinsurance. It successfully completed its first deals during the recent June renewal season.”
Artemis said Hiscox was also “partnering on third-party capital ventures such as a catastrophe reinsurance investment fund that it partnered on with hedge fund backed Third Point Re”.
Mr Alvarez further commented on Artemis.bm: “This SPI complements our rated platforms in Lloyd’s and Bermuda (both rated A by AM Best) and ensures that we are able to continue to offer our clients a complete range of reinsurance products.”