Kilimanjaro III Re Ltd

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.

Everest Re, the globally active insurance and reinsurance company, has now finalised the pricing on the latest $650 million of fully-collateralized retrocessional reinsurance protection from its Kilimanjaro Re catastrophe bond program at the low-end of already reduced guidance.

Global insurance and reinsurance firm Everest Re now looks set to secure $650 million of fully-collateralized retrocessional reinsurance protection from its latest visit to the catastrophe bond market.

Global insurance and reinsurance firm Everest Re is back in the capital markets with its first catastrophe bond issuances since late 2019 and is seeking support from insurance-linked securities (ILS) investors for a potential $800 million or greater of retro reinsurance coverage through two series of Kilimanjaro III Re Ltd. 2021 cat bonds.

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.

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.

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.

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.