Kinesis completes capital raise
Bermuda-domiciled re/insurer Lancashire Holdings Ltd says its Kinesis Capital Management Ltd subsidiary has completed its mid-year capital raise.
Investors were invited to subscribe for securities in Kinesis Holdings I Ltd to enable its subsidiary, Kinesis Reinsurance I Ltd (Kinesis Re), to underwrite fully collateralised reinsurance business incepting on or around July 1, 2014.
Lancashire stated yesterday: “The capital raise was tailored to available attractive market opportunities with a total limit of $50 million.”
The capital raise is in line with KCM's planned biannual regular offering.
Darren Redhead, KCM's chief executive officer, said: “We continue with our strategy to work with and build our panel of investors, providing flexibility to expand and contract over time, dependent on the market opportunities that arise.
“With this successful mid-year draw, Kinesis has deployed approximately $340 million of combined aggregate limits since the beginning of the year.”