Kin Sponsored Hestia Re Ltd. (Series 2025-1) Notes

On March 6, 2025, Kin Interinsurance Network (“Kin”) closed their third and largest 144A Cat Bond issuance through Hestia Re Ltd. (“Series 2025-1 Class A and Class B Notes”), which provides per occurrence, indemnity coverage to Kin

• Model outperformance, transparent communication with Cat Bond investors, and a proven technology-driven advantage around underwriting and claims drove Kin’s success in their third transaction

The Class A and Class B Notes offering coverage for Florida Named Storm events

Class A Notes

• Expected Loss (WSST): 1.72%
• Initial Size: $100mm – Final Size: $200mm (100% increase)
• Initial Price Guidance: 7.25% – 8.00% – Final Pricing: 6.75% (~11.5% below the midpoint of initial guidance)

Class B Notes

• Expected Loss (WSST): 2.34%
• Initial and Final Size: $100mm
• Initial Price Guidance: 8.25% – 9.00% – Final Pricing: 8.25% (the low end of initial guidance)

HCMA acted as Sole Structuring Agent and Sole Bookrunner

• Advised on structuring considerations and marketing strategy to ensure alignment with Kin’s strategic objectives and Kin’s traditional reinsurance program
• Assisted in all aspects of the structuring and placement including, but not limited to:
  • Transaction pre-marketing and continued dialogue with investors prior to re-approaching the 144A Cat Bond market
  • Structuring and coordination with legal counsel
  • Finalizing investor presentation, advised on disclosure around subject business, and offering documents
  • Investor discussions and overall transaction marketing processes