Kilimanjaro II Re Ltd. Series 2017-2

Reinsurance company Everest Re’s latest catastrophe bond issuance is set to achieve an upsized $1.25 billion target at the reduced pricing levels reported earlier this week, making the transaction the best value in the reinsurers cat bond sponsorship history.

The catastrophe bond market has already seen records set in 2017, as we explained in our latest market report here, and now second-quarter issuance could get a significant boost as reinsurance firm Everest Re’s latest Kilimanjaro issuance more than doubles its target to $1.25 billion.

Global reinsurance specialist Everest Re is returning to the catastrophe bond market seeking $600 million or more of retrocessional protection split between two series of Kilimanjaro II Re Limited cat bonds, in 2017-1 and 2017-2 issues.