Kilimanjaro II Re Ltd

Everest Group has now secured its upsized target of $1 billion of collateralized retrocessional reinsurance limit from the capital markets from its two new Kilimanjaro II Re Ltd. (Series 2025-1) and Kilimanjaro II Re Ltd. (Series 2025-2) catastrophe bond transactions, Artemis can report.

Everest Group is now aiming to secure as much as $1 billion of collateralized retrocessional reinsurance limit from the capital markets across its two new Kilimanjaro II Re Ltd. (Series 2025-1) and Kilimanjaro II Re Ltd. (Series 2025-2) transactions, Artemis can report.

Everest Re, the global reinsurer arm of Everest Group, looks set to secure meaningful catastrophe bond backed reinsurance capacity as its target has now doubled to secure $900 million in collateralized retrocession from its new Kilimanjaro II Re Ltd. (Series 2025-1) and Kilimanjaro II Re Ltd. (Series 2025-2) transactions, Artemis can report.

Everest Re, the global reinsurer arm of Everest Group, is back in the catastrophe bond market with a two series issuance that seeks at least $450 million of collateralized retrocession split across four and five year terms, under Kilimanjaro II Re Ltd. (Series 2025-1) and Kilimanjaro II Re Ltd. (Series 2025-2) transactions.

Everest Re has has now settled for $200 million in multi-peril per-occurrence retrocessional reinsurance from its new Kilimanjaro II Re Ltd. (Series 2024-1) catastrophe bond, securing that coverage at reduced pricing as the spreads settled well-below guidance, Artemis has learned.

Signals that catastrophe bond market pricing has stabilised continue, as Everest Re has lifted the target size and lowered the pricing for its new catastrophe bond, with now up to $225 million in multi-peril per-occurrence retrocession sought from the Kilimanjaro II Re Ltd. (Series 2024-1) issuance, Artemis has learned.

Everest Re, the global reinsurance arm of Everest Group, has returned to the catastrophe bond market in search of $150 million or more in multi-peril per-occurrence retrocession, through a Kilimanjaro II Re Ltd. (Series 2024-1) issuance, Artemis has learned.

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.

Despite continued uncertainty over the potential for catastrophe events to cause losses to a number of its catastrophe bonds, Everest Re says that as of the end of 2022, no covered events had attached to drive any recoveries under its in-force Kilimanjaro Re catastrophe bonds.

As Everest Re hones its portfolio, to lower its property catastrophe exposure in a firming market, the company is finding this trade of more profit, for less exposure, to be an outstanding one, according to CEO Juan Andrade.