Everest Re took advantage of market conditions around the January renewals to build a significantly larger book of retrocession business, leveraging its access to alternative reinsurance capital and use of catastrophe bonds to allow it to deploy capital into its Purple pillared retro product.
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Everest Re has now secured an $850 million slice of retrocessional reinsurance protection from the capital markets with its latest dual issuance of two series of notes from its Kilimanjaro Re Ltd. cat bond issuance vehicle.
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Global insurance and reinsurance firm Everest Re has lifted its targets for its latest catastrophe bond issuances, with the company now hoping to secure between $500 million and $800 million of retrocessional reinsurance from the Kilimanjaro Re III transactions.
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Global insurance and reinsurance firm Everest Re has returned to the catastrophe bond market for its first issuance since April 2018, as it seeks to add at least $375 million of fully collateralized reinsurance protection by sponsoring a Kilimanjaro III Re Ltd. cat bond issuance.
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