Kilimanjaro Re Limited

Having previously begun reporting an estimation it would receive up to $30 million in reinsurance recoveries from its Kilimanjaro Re catastrophe bond program, after a deal was triggered by rising industry losses from hurricane Ian, we understand global re/insurer Everest has now trimmed back its recovery expectation significantly given a reduction in the industry estimate.

Having begun reporting reinsurance recoveries from some of its Kilimanjaro Re catastrophe bonds, triggered by industry losses from hurricane Ian, global re/insurer Everest has now extended the maturity of one of the exposed layers of notes, to ensure the coverage remains available in case of any continued development.

Global insurance and reinsurance specialist Everest Group is now anticipating a $20 million recovery due to hurricane Ian from the industry loss based retrocessional protection available to it from its Kilimanjaro Re catastrophe bonds that appear triggered, Artemis can report.

Global insurance and reinsurance specialist Everest Group has $350 million of industry loss based retrocessional protection available to it from its catastrophe bonds to cover losses related to hurricane Ian, should the current industry loss estimate creep higher.

The target size for Bermudian reinsurance firm Everest Re’s latest catastrophe bond issuance has increased by 75%, with the reinsurer now seeking $525m of collateralized retrocessional reinsurance from the twin Kilimanjaro Re Ltd. (Series 2018-1) and Kilimanjaro Re Ltd. (Series 2018-2) transactions.

Bermudian reinsurance firm Everest Re is back with its latest catastrophe bond issuance, which sees the company bringing twin Kilimanjaro Re deals to secure at least $300 million of protection, from Kilimanjaro Re Ltd. (Series 2018-1) and Kilimanjaro Re Ltd. (Series 2018-2) issues, covering identical layers of risk but with different durations.

The Kilimanjaro Re Ltd. (Series 2015-1) catastrophe bond which is currently being marketed on behalf of reinsurance firm Everest Re looks set to more than double in size, from the $300 million it launched at, to $625 million by the close.

Bermudian reinsurance firm Everest Re is back in the catastrophe bond market seeking a $300m, or greater, source of collateralized reinsurance protection for U.S. named storm and earthquake risks with a Kilimanjaro Re Ltd. (Series 2015-1) issuance.

The settlement and completion of the $500m Kilimanjaro Re Ltd. (Series 2014-2) catastrophe bond today takes 2014 issuance of new cat bonds and insurance securitisations to $7.143 billion, keeping the market on track for a possible record year.

Everest Re’s latest catastrophe bond, the now $500m Kilimanjaro Re Ltd. (Series 2014-2), has been priced with the coupon settling at the mid-point. The cat bond notes have also received their rating and a little more detail on the transaction has emerged as a result.