Kilimanjaro III Re Ltd

Having previously begun reporting an estimation it would receive up to $30 million in reinsurance recoveries from its Kilimanjaro Re catastrophe bond program, after a deal was triggered by rising industry losses from hurricane Ian, we understand global re/insurer Everest has now trimmed back its recovery expectation significantly given a reduction in the industry estimate.

Having begun reporting reinsurance recoveries from some of its Kilimanjaro Re catastrophe bonds, triggered by industry losses from hurricane Ian, global re/insurer Everest has now extended the maturity of one of the exposed layers of notes, to ensure the coverage remains available in case of any continued development.

Global insurance and reinsurance specialist Everest Group is now anticipating a $20 million recovery due to hurricane Ian from the industry loss based retrocessional protection available to it from its Kilimanjaro Re catastrophe bonds that appear triggered, Artemis can report.

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.

Global insurance and reinsurance company Everest Re is set for a successful new catastrophe bond issuance, with the Kilimanjaro III Re Ltd. (Series 2022-1) transaction now having priced at the upsized $300 million, with a coupon fixed at the mid-point of initial guidance.

Global insurance and reinsurance company Everest Re is aiming to upsize its latest catastrophe bond issuance, with the new Kilimanjaro III Re Ltd. (Series 2022-1) transaction now targeting $300 million in industry loss based aggregate retrocession for the company.

Global insurance and reinsurance company Everest Re is back in the catastrophe bond market, seeking $250 million or more in industry loss based aggregate retrocession, through a new Kilimanjaro III Re Ltd. (Series 2022-1) transaction.

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.