Kilimanjaro II Re Ltd

Having access to diverse and efficient sources of capital and ensuring they are treated as equal is increasingly a key trait of a successful reinsurance company, something the CEO of global player Everest Re clearly understands.

Global insurance and reinsurance company Everest Re has reported a strong second-quarter of results, with its reinsurance book expanding almost 40% on a gross premium basis, but with catastrophe losses a little ahead of the prior year.

Everest Re is aiming to expand its access to third-party and alternative sources of reinsurance capital, with growth of its Mt. Logan Re sidecar-like structure seen as a key strategic opportunity, according to its CEO.

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.