By Michael Loney

May 23 - (The Insurer) - U.S. Northeast regional insurer Kingstone Companies has sponsored a $125 million catastrophe bond offering multiyear protection against named storm events.

The cat bond covers storms across New York, New Jersey, Connecticut, Massachusetts and Rhode Island on a per-occurrence basis using an indemnity trigger.

The issuance is the first sponsored by the insurer's subsidiary Kingstone Insurance Company.

The series 2025-1 notes were priced at 4.5% and issued through a Bermuda-registered special purpose insurer, 1886 Re Ltd.

The notes were structured and placed by Aon Securities, and will cover four annual risk periods from July 1, 2025, through June 30, 2029.

Kingstone president and CEO Meryl Golden said the cat bond “enhances our access to efficient, diversified capital”.

“This transaction has enabled the company to secure additional multiyear reinsurance capacity while also helping to manage the overall cost of protection,” she said.

Kingstone in April announced a renewal rights deal for AmGuard downstate New York homeowners policies in a transaction encompassing $70 million in written premium.