Everest Re

Reinsurance firm Everest Re’s first catastrophe bond issue, the now $450m after upsizing Kilimanjaro Re Ltd. (Series 2014-1), has priced at the lowest end of a reduced price guidance range, Artemis understands.

Bermudian reinsurance group Everest Re is increasingly using alternative reinsurance capital as part of its strategy as the firm seeks ways to optimise its returns, according to President and CEO Dominic Addesso.

Preliminary ratings have now been assigned to the first catastrophe bond from new sponsor Everest Reinsurance Company, Kilimanjaro Re Ltd. (Series 2014-1), which grew to $450m as investor demand helped the reinsurer increase the cover the cat bond will provide.

The first catastrophe bond from new sponsor Everest Reinsurance Company, Kilimanjaro Re Ltd. (Series 2014-1), has increased in size by 80% to $450m and pricing guidance has dropped due to strong investor demand.

Another first time catastrophe bond sponsor is coming to market, this time in the shape of Everest Reinsurance Company, with Kilimanjaro Re Ltd. (Series 2014-1), seeking retrocessional protection for U.S. named storms and earthquakes.

Bermuda based reinsurer Everest Re Group Ltd.’s collateralized reinsurance sidecar, Mt. Logan Re, Ltd., has announced the appointment of experienced industry executive David Whiting to the position of Chief Underwriting Officer, effective from Monday.