Kin Interinsurance Network has secured a second reinsurance agreement with the newly established special purpose Bermuda insurer Hestia Re., that will cover indemnity-based losses resulting from significant hurricanes and named storms impacting Florida over multiple years, Reinsurance News is reporting.

The publication said Kin Insurance, the direct-to-consumer home insurance company, closed a $100 million private placement catastrophe bond transaction, bringing Hestia Re Ltd.’s total outstanding limit to $275 million.

A year ago this month, Kin Insurance closed its first private placement cat bond transaction with Hestia Re, securing $175 million.

Although last year’s transaction was announced with an initial target of $100 million, the cat bond was upsized based on the support received from investors.

Howden Tiger Markets & Advisory and Swiss Re Capital Markets acted as joint structuring agents and joint bookrunners on the second cat bond transaction.

Jerry Fadden, Kin’s CFO said: “Hestia Re remains a strategically important capital management tool; we look forward to continuing our dialogue with investors and seeing how the capital markets evolve with our risk transfer objectives.”