Kin Sponsored Hestia Re Ltd. (Series 2022-1) Notes

On April 14, 2022, Kin Interinsurance Network (“Kin”) closed their first 144A Cat Bond through Hestia Re Ltd.

• Kin’s inaugural 144A Cat Bond issuance
• New established Bermuda-domiciled special-purpose insurer providing reinsurance protection to Kin
• First tech enabled carrier to receive support from ILS investors in 144A Cat Bond format

$175 million 2022-1 Class A Notes provide per occurrence, indemnity-triggered coverage

• Three-year risk period
• Peril Named Storm
• Covered Area: Florida
• AIR expected loss: 2.26% (sensitivity case)
• Final investor spread: 9.50%

The issuance successfully upsized 75% to $175 million from the initial $100 million target

TCMA acted as Joint Structuring Agent and Joint Bookrunner

• Presented innovative structuring ideas and helped to finalize the structure in alignment with the traditional reinsurance program
• Assisted in all aspects of the structuring and placement including, but not limited to:
  • Structuring and coordination with legal counsel
  • Finalizing investor presentation, advised on disclosure around subject business, and offering documents
  • Investor roadshow and marketing processes