IPO target halved for Kingsway / 1347 backed Insurance Income Strategies

ORIGINAL PUBLICATION HERE

The target for the initial public offering (IPO) and first capital raise for Insurance Income Strategies Ltd., the listed industry-loss warranty (ILW) focused insurance-linked securities (ILS) and collateralized reinsurance fund backed by 1347 Advisors and Kinsgway Financial, has been halved.

Last October we covered the initial filings for the new ILS fund vehicle, which intends to act as a feeder into ILW specialist reinsurance fund manager Cartesian Re to begin.

Later, SEC filings showed that Bermuda-based Insurance Income Strategies Ltd. would seek to issue up to $52 million of shares to investors in an initial public offering, to be followed with a listing of its shares on the NASDAQ Capital Market.

Now the targeted amount for the capital raise has dropped down to almost half, with a public offering price stated of $26 million, although additional shares could be issued to the underwriters of the IPO which could boost the proceeds closer to $29.9 million.

Industry exposure database for Canada launched, first ILW transacted

ORIGINAL PUBLICATION HERE

The first insurance industry exposure database for Canada has been launched by Catastrophe Indices & Quantification Inc. (CatIQ) in partnership with PERILS AG and the first industry-loss warranty (ILW) transaction has been completed on the back of this development.

At the moment, the industry exposure database contains year-end estimates for 2016 and 2017 of Canadian industry property sums insured by: Canada Post Forward Sortation Area (FSA); Peril (such as windstorm, hail, fire, flood, sewer back-up, earthquake and volcanic eruption); line of insurance business (personal, commercial, and motor hull); and coverage type (building, vehicle, contents, business interruption and additional living expense, where applicable).

Kingsway / 1347 backed Insurance Income Strategies targets $52m

ORIGINAL PUBLICATION HERE

Insurance Income Strategies Ltd., a new listed insurance-linked securities (ILS) and collateralized reinsurance investment vehicle backed by 1347 Advisors and Kinsgway Financial, is targeting an initial $52 million capital raise, SEC filings show.

Back in October we covered the initial filings for this new vehicle, which intends at launch to act as a feeder into ILW specialist reinsurance fund manager Cartesian Re, at least for its launch.

A newly updated prospectus filed with the SEC contains details of the fund-raising target, as well as some changes to the initial documents filed, reflecting refinements to the strategy by the management team at Insurance Income Strategies.

The Bermuda-based company named Insurance Income Strategies Ltd. will issue up to $52 million of its shares to investors in an initial public offering and will then aim to list its shares on the NASDAQ Capital Market.